Wednesday February 21st, 2024
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African Development Bank Approves USD 131 Million Loan to Egypt

The loan is set to boost Egypt’s manufacturing and agricultural sectors.

Cairo Scene

The African Development Bank (AfDB) has approved a USD 131 million loan to boost Egypt’s manufacturing and agricultural sectors as well as facilitate the transition to a greener economy.

The loan is expected to help attract investment, raising Egypt’s GDP by 4.3% during the 2024/2025 fiscal year. The funds will also be aimed at expanding state-owned lands dedicated to renewable energy investments to 30,000 square km by 2025.

The AfDB secured USD 2.2 billion for Egypt’s agricultural projects of water desalination and treatment in May 2023. The Egyptian government aims to secure USD 300 million from AfDB through 2023 and 2024.