African Development Bank agreed on Tuesday to grant Egypt with US$500 million, which is the second category of the US$1.5 billion fund divided on three years, according to International Cooperation Minister Sahar Nasr.
This comes within a comprehensive program of economic development to support the government’s social and economic program which focuses on social justice, providing jobs and improving the work environment.
The bank’s approval is considered as a strong message that indicates that the Egyptian economy is going steadily toward comprehensive and sustainable development, Nasr said.
The program comes within activating the strategic partnership between Egypt and the bank to support the sustainable development and offer facilitated funds in different fields to refresh the economy and positively affect the citizens.
The approval, according to Nasr, shows efforts made by the ministry and highlights partnership ties with African countries.
It also shows that international institutions fulfill their vows to Egypt and support the foreign cash reserve.
Egypt is a founding member in the AFDB, she said. It is the second biggest contributor in the capital money assets of the bank.
Egypt also has partnership ties with the bank since 1974.
Edited translation from Al-Masry Al-Youm