Minister of Investment and International Cooperation Sahar Nasr announced on Saturday that Egypt received the second tranche of the African Development Bank’s (AFDB) loan—$500m of a total 3-year loan programme worth $1.5bn.
According to the ministry’s press release, Nasr stated that the loan aims at reforming Egypt’s economy and implementing sustainable development based on social justice, job creation, and better work environment.
She stated that receiving the second tranche means that Egypt is taking serious steps towards sustainable development, adding that the loan progamme is part of a strategic partnership between Egypt and the AFDB. The loan supports the poorest segments and areas in Egypt through creating jobs and small and medium enterprises (SMEs).
Nasr explained that the loan will be used for social protection programmes within the government’s programme that focuses on people’s needs.
However, the AFDB resident representative in Egypt, Leila Mokaddem, said that the partnership with the Egyptian government is strong, and it aims at improving the country’s economy and people’s living conditions.
Mokaddem added that she looks forward to working with the government during 2017 to continue the third tranche worth $500m.