African Development Bank approves $1.6 billion loan to Egypt
Egypt, Economics, 1/5/2002

The African Development Bank (ADB) approved yesterday giving Egypt a loan worth $ 1.6 billion, said the Bank's permanent representative in Egypt Mohammed Hamidoush.

The ADB has approved a new scheme to support Egypt's economy in three ways: upgrading human resources, assisting the private sector and financing infrastructure projects, Hamidoush said yesterday.

He added following a meeting with Minister of State for Foreign Affairs Fayza Abu Al-Naga that the bank allocated $ 1.6 billion for soft loans during the coming three years to fund development ventures.

"The bank is in direct contact with senior officials to prepare for the implementation of these projects," he said.

He said that during his meeting with Abu El-Naga, they addressed ways of enhancing ties between the ADB and the public sector by creating a joint database that familiarizes the local public sector with all of the bank's projects.

He said the ADB was contributing to two projects, one in agriculture and the other in education, with total investments of LE 120 million.

The Egyptian government and the International Monetary Fund (IMF) will also contribute to funding the projects.

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