Egypt, AfDB probe 3rd portion of $1.5bn loan
Egypt, AfDB probe 3rd portion of $1.5bn loan
Cairo - MENA
Egypt had a meeting on Monday with the African Development Bank (AfDB) on the $500 million third tranche of a loan from the bank to Cairo.
Cairo got earlier two portions of the $1.5 billion budget support loan.
The meeting was attended by Electricity Minister Mohamed Shaker, Investment Minister Sahar Nasr and Trade and Industry Minister Tareq Qabeel with AfDB Resident Representative Leila Mokadem.
Shaker reviewed during the meeting main steps taken to develop the electricity sector.
Efforts to improve the business climate including a newly-issued law on investment were also offered by Nasr, who told the meeting on similar laws to boost the economy.
She called for a swift signing of the third portion of the loan, lauding the current economic reform program.
The program is designed to support strong, sustainable and inclusive growth in Egypt by providing a financing incentive for reforms that will help drive fiscal consolidation, improved governance and efficiency in the energy sector, and strengthening of the business operating environment
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