AfDB to provide $350m to Egypt before end of 2023

Abdourahmane Diaw, the African Development Bank (AfDB) country manager for Egypt, has revealed the Abidjan-based lender will provide the North African country with $350 million in financing for public and private development projects before the end of 2023.

The financing will go to the private sector via credit lines to loaning companies and bank and through financing private development projects, Diaw added.

He indicated that the bank is planning to dedicate $148 million of the new financing to the Egyptian commercial banks and firms operating in strategic sectors.

With the planned new financing, the bank’s total credits to Egypt this year will reach $730 million.

Diaw pointed out that $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, Arab Finance reports citing Asharq Business.