Egypt negotiating $300 million slum development loan from AfDB

Egypt is negotiating a $300 million loan from African Development Bank (AfDB) to finance the country’s programme to upgrade slums, Egyptian international cooperation minister said on Tuesday.

Egypt’s Minister of International Cooperation, Sahar Nasr further has met in Cairo on Tuesday with Prajesh Bhakta – AfDB’s Chief of Egypt Programme Officer, in the presence of Ahmed Darwish, Deputy Minister of Egyptian Housing for Urban Renewal and Informal Settlements.

Nasr discussed with Bhakta opportunities to obtain AfDB’s assistance to Egyptian national programme to upgrade informal settlements.

From his part, Bhakta expressed AfDB’s keenness and readiness to support Egypt’s slum development scheme.