Sunday 30, September 2018 by Kudakwashe

Egypt receives final tranche of African Development Bank loan

 

The loan was agreed in 2015 amid an acute foreign currency shortage that crippled import activity.

Egypt’s ministry of investment has received the third and last $500 million tranche of a $1.5 billion African Development Bank loan which will support the Government's development programmes.

In a statement, the ministry of investment said that the funds will help 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 the country's economic reform programme.

Egypt is also implementing tough reforms under a $12 billion IMF loan programme agreed in late 2016 that involved deep cuts to energy subsidies, new taxes and a floated currency in a bid to draw back investors who fled after its 2011 uprising.

The country's foreign reserves stood at $44.42 billion as of end-August, reported Reuters.

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