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FinancialNews
30-09-18
Egypt collects last USD500m tranche of loan from African Development Bank
(MENAFN) Egypt was unveiled to have taken the delivery of the final tranche of USD500 million as part of the USD1.5 bullion African Development Bank loan.
The loan, divided with three tranches, has been dedicated to Egypt to back its government's development programmes.
The bank's loan has been approved in 2015, in the midst of severe foreign currency shortage which badly affected imports in Egypt and forced it to seek out new sources of dollars.
The investment ministry stated "the funds will help support development programmes that meet the citizens' needs, and which come as a top priority for the government in the context of the social dimension of Egypt's economic reform programme."
Egypt registered a total of USD44.42 billion of foreign reserves by the end of August this year.
MENAFN3009201800450000ID1097508422
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