Private sector gets a boost from the AfDB

The Planning Ministry signed two funding agreements with the African Development Bank (AfDB) yesterday totalling USD 170.4 mn, with the bulk (USD 170 mn) earmarked for the second phase of a program designed to bolster private sector development and economic diversification, according to a statement. The funds aim to drive structural reforms, stabilize the economy, and improve the business climate.

A smaller USD 400k grant will fund the expansion of Giza’s Abu Rawash wastewater treatment plant, increasing its capacity to 2 mn cubic meters daily, benefiting 8.6 mn residents.

Marakez secures financing for District 5 expansion

Marakez lined up a USD 3 bn credit facility from Kuwait Finance House Egypt to finance the expansion of its business campus Mindhaus, located in its landmark District 5 development, the developer said in a statement (pdf). The expansion will add around 17k sqm of leasable office space to the business campus.

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