Egypt to receive USD 500 mn in loans from the African Development Bank

Egypt to receive USD 700 mn in funding from the AfDB: Egypt is to receive loans totalling USD 700 mn from theAfrican Development Bank (AfDB), the bank’s VP Khaled Sherif told Al Masry Al Youm. The bank will provide a USD 500 mn facility earmarked for electricity projects over two equal installments in June and January, as well as a separate USD 200 mn facility to finance railway upgrades in November. Bank officials told Enterprise last week that the pan-African lender plans to lend Egypt USD 1.2 bn in 2019 and 2020.