Cairo - Mubasher: Egypt’s Cabinet has approved a presidential decree on the EUR 225 million ($254.45 million) soft loan agreement with the German Development Bank (KfW).
The facility will be allocated to supporting the country’s budget in order to reinforce the economic reform programme, the Cabinet said in a statement on Wednesday.
The German government has approved an EUR 450 million loan for Egypt to be paid through KfW over two tranches worth EUR 225 million each in 2017 and 2018.
Egypt had obtained the first tranche of the loan in October 2017.
