World Economy

Egypt Asks AfDB to Release Loan

Egypt Asks AfDB to Release LoanEgypt Asks AfDB to Release Loan

Egypt’s international cooperation minister, Sahar Nasr, renewed her calls to the African Development Bank to hand over the second half of their over $500 million loan to Egypt before September, Albawaba reported. The statement said that a high-ranking official from the AfDB is currently on a visit to Egypt. The AfDB handed Egypt the first tranche of the loans to support Egypt’s budget, which also amounted to approximately $500 million, last January. The AfDB is set to loan Egypt a total of $1.5 billion over the course of three years.