Egypt signs $500 million loan with African Development Bank

A cargo container ship crosses the new section of the Suez Canal after the opening ceremony in Ismailia, Egypt, Thursday, Aug. 6, 2015. (AP)

Egypt’s state-run MENA news agency says Egypt has signed a $500 million loan with the African Development Bank, the first tranche of a $1.5 billion loan over three years.

MENA says the loan signed on Thursday will be directed toward the country’s economic development and supporting the budget.
Facing a dollar shortage, Egypt has also been negotiating a $3 billion loan with the World Bank to finance its budget deficit.

The Egyptian government targets a budget deficit of 8.9 percent of the country’s gross domestic product in the current fiscal year ending June 2016, according to the budget.

Last Update: Wednesday, 20 May 2020 KSA 12:04 - GMT 09:04