By: Mahmoud Salah Aldin
Cairo – Mubasher: Egypt is negotiating for concessional loans and grants at a value of €800 million from European countries, Egyptian Minister of International Cooperation said.
Sahr Nasr added, on the sidelines of Akhbar Al Youm economic conference on Sunday, that the finance targets supporting the budget and priority projects.
Nasr pinpointed that Egypt is in talks with the African Development Bank (AFDB) to get the second tranche of the signed loans, adding to the second tranche of the International Monetary fund's (IMF) loan.
In August, the minister noted that Egypt was given $22.5 billion loans and grants over the past period.
Egypt received the first tranche of the IMF loan at the end of September, while the fund's executive board approved giving Egypt a $12 billion loan on three years.
Egypt's financial gap reaches $30 billion over the period of three years, ending on 30 June 2018, according to the government's programme adopted by the Egyptian parliament.
Translated by: Sara Ghali
