Egypt to receive AFDB second loan tranche within 10 days
The African Development Bank’s (AFDB) representative to Egypt, Layla Al Moqaddem, said Egypt will receive the second loan tranche worth USD500mn within 10 days. The board had approved to lend Egypt USD1.5bn three-year loan over three tranches to support the budget. The bank has approved the disbursement of the second tranche in December last year, but the actual disbursement was delayed due to legislative procedures. A delegation is due to start discussions over the third and the last tranche in June.
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