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Monday, 30 May 2016

Budget tightening will be scrutinized by African Development bank negotiators

Fiscal reforms and budgetary belt-tightening will be the main factors assessed by the African Development Bank delegation when it arrives in Cairo from 29 June to 5 July for talks on the disbursement of the second tranche of a USD 500 mn budget-support loan signed last year, AfDB CEO Akinwumi Adesina tells Al Ahram. Subsidy reform, cutting the government’s payroll burden, implementing better governance practices, bettering the business climate, and improving industry metrics will all be on the delegation’s agenda, Adesina added. Asked about the AfDB’s contribution to Egypt’s energy sector, Adesina stated that the second tranche will go into funding the USD 200 mn Damanhour power plant. The third tranche will also look into providing USD 106 mn in financing the Gulf of Suez wind farm and five other renewable projects.

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