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Tuesday, 19 July 2016

As much as USD 8 bn in foreign aid and funding remains undeployed due to slow government procedures -International Cooperation Minister

Foreign aid and funding worth USD 8 bn, including loans signed for 7 years ago, have been unutilized due to red tape and because some, international cooperation minister Sahar Nasr said, Amwal Al Ghad reported. Nasr even goes so far as to accuse some government bodies of not being serious about implementing their projects. On a related note, Egypt’s current portfolio with the African Development Bank (AfDB)increased to USD 2.24 recently after Egypt received the first USD 500 mn tranche of the budget support loan worth USD 1.5 bn, AfDB Resident Representative in Egypt Leila Mokaddem told Amwal Al Ghad.

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