AfDB to finance Egyptian projects with $350M before end-2023
Updated 11/1/2023 8:27:00 AM
Arab Finance: The African Development Bank (AfDB) is planning to provide up to $350 million in financing for public and private development projects in Egypt before the end of 2023, the bank’s Country Manager for Egypt Abdourahmane Diaw told Asharq Business.
This brings the total financing offered by the bank to Egypt in 2023 to $730 million, Diaw noted.
The bank will finance the country’s private sector via loans directed toward companies and banks’ credit lines and through financing private development projects, he added.
Diaw pointed out that a total of $200 million were allocated to finance private projects in the current year, especially small- and medium-sized projects, as well as green, commercial, healthcare, and food security ones.
He added that the bank is planning to dedicate $148 million of the new financing to the Egyptian commercial banks and firms operating in strategic sectors.
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