Egypt is likely to receive the second tranche of the African Development Bank (AfDB)’s loan before the end of the current year, an AfDB official told Amwal Al Ghad on Tuesday.
The sum worth $500 million, which is part of a $1.5 billion loan agreement reached between Egypt and the AfDB earlier in December to support the North African nation’s budget.
Leila Mokaddem, Resident Representative for Egypt at the AfDB further said she expects negotiations between her bank and Egypt over the second installment of the loan could finalise within next October or November. Thus, Egypt would receive the sum before the end of the current year, she added.
Earlier in May Egyptian Minister of International Cooperation Sahar Nasr announced that an AfDB delegation would visit Egypt during the period from June 29 until July 5.
The minister further said that the visit would aim at holding talks with senior government officials regarding the second tranche of AfDB’s US$1.5 billion loan to support Egypt’s state budget.
Earlier in January, Egypt received US$500 million as part of a $1.5 billion loan December agreement reached between Egypt and the African bank. The AfDB’s loan is of 0.6 percent interest, with a five-year grace period to be paid over 20 years.
