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Sunday, 2 April 2017

Egypt receives second tranche of the USD 1.5 bn AfDB loan

Egypt has received a USD 500 mn tranche of the USD 1.5 bn African Development Bank loan (AfDB), Investment and International Cooperation Minister Sahar Nasr announced on Friday. Reuters notes that the loan will support projects including social housing, youth employment, and sanitation work, but earlier speculation suggested the funding could be used partly to repay IOCs. The AfDB also signed off on a USD 450 mn package to the African Export Import Bank, which will be used in part by the latter to help fund the USD 500 mn Egypt-Africa Trade Promotion Program, All Africa reports.

In related news, Egypt’s foreign debt rose to USD 67.32 bn in the first half of the current state fiscal years from USD 47.79 bn in 1H2015-16,according to Central Bank data.

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