Egypt signs 3rd tranche of budget support loan with African Development Bank

Egypt signs 3rd tranche of budget support loan with African Development Bank

Egypt Minister of Investment and International Cooperation Sahar Nasr on Sunday signed third and final tranche budget support loan worth US$500 million for governance reforms in Egypt with the African Development Bank’s (AfDB) country manager for Egypt Malinne Blomberg.

This is the last in a series of three annual loans worth a total of US$1.5 billion covering the fiscal years 2015-2016 to 2017-2018 for the Economic Governance and Energy Support Program-Based Operation.

The program supports Egypt’s comprehensive structural reform agenda aimed to drive fiscal consolidation, strengthen governance and efficiency in the energy sector, and enhance the business operating environment, especially for micro, small and medium-sized businesses. The current tranche will help meet the government’s financing requirements for 2017-2018.

Nasr said the signing was a strong message confirming that the Egyptian economy is moving steadily towards achieving comprehensive and sustainable development, stressing that the bank is confident in the measures taken by the government in economic reform and improving the business and investment environment.

In a statement on Sunday, Nasr pointed out that the funding will be directed to social protection, which falls within the needs of citizens and the priorities of the Egypt program, in support of the social part of Egypt’s economic reform program.

Blomberg said the broad-based reforms are expected to lead to further inflows of investments in the country, which in turn will contribute to job creation.

The African Development Bank currently has a portfolio of 30 projects in Egypt with a total commitment of US$2.4 billion.

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *


how to write an essaycustom essay writingprofessional writer servicepaper writing service buy essay onlineessay writers
0
Connecting
Please wait...
Send a message

Sorry, we aren't online at the moment. Leave a message.

Your name
* Email
* Describe your issue
Login now

Need more help? Save time by starting your support request online.

Your name
* Email
* Describe your issue
We're online!
Feedback

Help us help you better! Feel free to leave us any additional feedback.

How do you rate our support?