Investment and International Cooperation Minister Sahar Nasr signed the agreement with the African Development Bank (AfDB) for the third USD 500 mn tranche of the USD 1.5 bn loan yesterday, according to a ministry statement. Disbursing the tranche was approved two weeks ago. AfDB Country Manager for Egypt, Malinne Blomberg, says the funding is structured to provide strong and sustainable development in Egypt. Blomberg added that AfDB is currently running 30 projects in Egypt worth USD 2.4 bn.

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