The African Development Bank (AfDB) approved Tuesday a $500m soft loan to Egypt as part of a comprehensive programme for economic development, and to support the state budget with $1.5bn over three years.
Egyptian Minister of International Cooperation Sahar Nasr said the programme aims to achieve comprehensive economic and social development based on achieving social justice, providing jobs, improving business environment, and providing foreign exchange.
Leila F. Mokaddem, Resident Representative for the Egypt Field Office at AfDB, said the approval of the Board of Directors confirms that the Egyptian economy is moving steadily towards achieving comprehensive development.
Egypt is a founding member of the AfDB and the second largest shareholder of its capital. The AfDB has committed $1.76bn in projects in Egypt in various vital sectors, such as social, energy, agriculture, irrigation, transport and airports projects.