Egypt Approves $1.5m Loan from AFDB

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Enterprise Television- Egypt Approves $1.5m Loan from AFDB

Egypt’s Minister of Housing, Mustafa Madboli, said Egypt Cabinet on Sunday approved  a $1.5 million African Development Bank (AfDB) loan to construct the sewage station’s project in Abu Rawash with a capacity of 1.2 million cubic meters per day, Mustafa Madboli, the country’s minister of housing said.

The minister added in a press conference at the Cabinet that the capacity of the station will be expanded to reach 1.6 million cubic meters per day as a part of the government’s plan to improve sewage stations.

According to Sahar Nasr, the minister of investment and international cooperation, the interest rate of the loan is 1 percent with a grace period of five years, adding that the loan will be repaid over 20 years.

At the beginning of March, Egypt received the third and last tranche of $1.5 AFDB’s loan to finance Egypt’s Economic Governance and Energy Support Program.

However, In January, Egypt signed an agreement with AFDB to receive this last tranche.

The AFDB loan is intended to support government programs that aim to achieve social and economic development by creating new jobs and improving the business environment.

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