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Thursday, 6 September 2018

EBRD, AfDB delegations due in town for talks on funding for Egypt

EBRD, AfDB delegations due in town this month for talks on funding for Egypt: A delegation from the European Bank for Reconstruction and Development (EBRD) is due in Cairo on 23 September to discuss with Egyptian officials the bank’s financing strategy for the remainder of the year, Managing Director for the Southern and Eastern Mediterranean Janet Heckman tells Al Mal. EBRD is planning to extend EUR 800 mn of financing to Egypt before the year is out, Heckman tells the newspaper. The bank had already extended some EUR 600 mn of the EUR 1.4 bn it has earmarked for Egypt in 2018 as of June, Heckman previously said.

A delegation from the African Development Bank (AfDB) is also due in town “within days” to review its 2015-2019 cooperation strategy with Egypt, the bank’s country manager for Egypt Malinne Blomberg tells the newspaper. AfDB is reportedly planning to finance new energy, industrial, and agricultural projects in Egypt. The bank’s disbursal of the third and final USD 500 mn tranche of its USD 1.5 bn loan is also expected in the next few days, Blomberg said on Tuesday. Investment Minister Sahar Nasr had finished the paperwork for the final tranche back in January.

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