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Tuesday, 29 November 2016

African Development Bank postpones decision on second tranche of USD 1.5 bn loan to December

The African Development Bank (AfDB) has postponed voting on issuing the USD 500 mn second tranche of a USD 1.5 bn loan to 12 December, AfDB resident representative in Egypt Laila Moukaddem told Al Borsa. The delay has been caused by negotiations over the projects that will be financed by the facility, she added. AfDB is looking to discuss Egypt’s financial strategy for 2017-2019 with the government, including energy, informal housing, and youth-related projects, she said. Egypt signed a USD 1.5 bn loan agreement with AfDB in December 2015 has received the USD 500 mn first tranche.

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