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Wednesday, 14 December 2016

AfDB agrees to disburse USD 500 mn tranche to Egypt -Nasr

The African Development Bank (AfDB) has agreed to disburse USD 500 mn to Egypt, according to International Cooperation Minister Sahar Nasr. The amount is the second tranche of a USD 1.5 mn funding agreement and is part of the government’s program to achieve economic and social development based on social justice, job creation, and improving the business environment. Reuters noted that “the loan will go toward development work that includes social housing, youth employment and sanitation projects and is subject to parliamentary approval, said Nasr, who declined to specify when a vote might take place.”

In related news: The World Bank will vote on disbursing its USD 1 bn second tranche of the USD 3 bn development aid packaged on Thursday 22 December, according to International Cooperation Minister Sahar Nasr.

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