The African Development Bank (AfDB) and the Government of Egypt have signed on Thursday, December 17 a loan agreement of US $500 million aimed at supporting the Government’s ongoing bold economic reform program and sustaining strong economic growth.
The loan agreement was signed in Cairo by the Egyptian Minister of International Cooperation, Sahar Nasr, and the AfDB Vice-President for Agriculture, Water, Human Development, Governance and Natural Resources, Aly Abou-Sabaa, in the presence of the Prime Minister of Egypt, Sherif Ismail.
“The AfDB Board of Directors approved the project two days ago and commended the Government of Egypt for the excellent progress it is making in implementing bold reforms that will put the economy on a strong and sustainable growth path while paying particular attention to the social mitigating measures. They also commended the Government for the success of the transition process with the recent completion of the parliamentary elections. We value our partnership with Egypt and look forward to continue our support for the benefit of the people of Egypt,” Abou-Sabaa said.