Cairo – Mubasher: The Egyptian Cabinet has approved the agreements signed for obtaining credit facilities from both the World Bank (WB) and the African Development Bank (AFDB), according to a recent statement.
Last week, the WB’s CEOs board agreed to pledge $1 billion worth the second tranche of an overall loan deal worth $3 billion.
On 19 December, the Egyptian international cooperation ministry signed an agreement for the $500 worth second tranche of the loan pledged by AFDB.
In December 2015, the ministry signed an agreement for a three-year credit facility worth $1.5 billion. The Central Bank of Egypt has received the $500 million worth first tranche of the loan in January 2016.
