The African Development Bank (AfDB) granted a new tranche of $500 million to Egypt for its development projects, a statement by the country’s ministry indicated earlier today.

According to the document relayed by Reuters, the new funds should help implement development projects with a focus on the social aspect.  

It should then “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”.

This financing constitutes the last tranche of a $1.5 billion loan agreement Egypt signed with the Panafrican institution in 2015.

Let’s note that since 2016, under the International Monetary Fund’s supervision, Egypt has been implementing reforms and diversifying its revenue sources. Last week, for instance, it announced that it could issue $5 billion bonds in the coming months.

Moutiou Adjibi Nourou