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Egypt secured $2.5bn loan from AfDB
- Egypt: Saturday, December 08 - 2012 at 04:19
The African Development Bank (AfDB) has announced it would provide Egypt with a $2.5bn loan to help fund its budget deficit, bolster the national economy and finance specific development projects, Ahram has reported. "Egypt will receive $500m, representing the first tranche of the African Development Bank's loan, by the end of December," said Samy Zaghloul, AfDB's executive director for Djibouti and Egypt. Egypt will receive the remaining tranches by the end of 2013, which will go towards investment in infrastructure, including the expansion of the Sharm Al-Sheikh International Airport, development of new electricity networks and promotion of renewable energy, Zaghloul said.
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