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Wednesday, 5 September 2018

AfDB to disburse USD 500 mn loan tranche in coming days

AfDB to disburse third USD 500 mn tranche of loan: Speaking of foreign borrowing, Egypt can expect receipt within days of a third and final USD 500 mn tranche of a USD 1.5 bn loan from the African Development Bank (AfDB), the bank’s country manager for Egyopt, Malinne Blomberg, said yesterday on the sidelines of the Euromoney conference, state-run Al Ahram reports. Investment Minister Sahar Nasr had finished the paperwork for the final tranche back in January.

Separately, The SMEs Development Authority will sign loan agreements worth a combined EUR 80 mn with the French Development Agency (AFD) and German bank KfW, according to authority boss Nevine Gamea. AFD will provide EUR 50 mn, while KfW supplies the balance. No further details on the loans were provided, but Gamea said that the authority was also in talks with the World Bank over financing for new projects. She had previously said the authority was hoping to receive as much as USD 300 mn from the World Bank.

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