Cairo – Mubasher: The board of directors of the African Development Bank (AfDB) has approved a $500-million loan to finance Egypt’s Economic Governance and Energy Support Program Phase III.
This is the third and last tranche in a series of three annual loans worth a total of $1.5 billion, the AFDB added in a statement.
“The Egyptian authorities have demonstrated sustained commitment to the implementation of reforms supported under the program, including supporting business, investment and industrial growth, improving energy sustainability and security,” the bank highlighted.
“The reforms underpin Egypt’s economic turnaround with a clear focus on helping support the poorest via improved targeting of social spending on health, education, and job creation,” the bank said.
