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Wednesday, 15 June 2016

Egypt to receive second USD 500 mn tranche of AfDB USD 1.5 bn loan before year-end

Egypt will commence negotiations for the second USD 500 mn tranche of the African Development Bank (AfDB) USD 1.5 bn loan to support the state budget this month, AfDB representative in Egypt Laila El Mokaddem told Amwal Al Ghad. El Mokaddem expects negotiations to be completed in October or November, with Egypt likely to receive the loan by the end of the year. The interest rate on the loan signed earlier this year will be unaffected by the devaluation, she added. The agreement stipulates a 0.6% annual interest with a five-year grace period and will be paid back over 20 years.

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