Egypt will receive second tranche of AfDB loan before year-end: official

Egypt will receive the second $500 million tranche of the $1.5 billion African Development Bank’s loan before the end of this year, said Leila Mokaddem, AfDB’s Resident Representative for Egypt.

Aimed to support the country’s budget, Egypt received US$500 million as part of a $1.5 billion loan agreement reached between Egypt and the AfDB last December. The AfDB’s loan is of 0.6 percent interest, with a five-year grace period to be paid over 20 years.