Egypt received on March 31 the second tranche of USD 500 mn from the USD 1.5 bn loan financed by the African Development Bank (AfDB) over a three-year period as part of a comprehensive program to economically develop and support the government’s socio-economic program, Invest-Gate reports.

“This funding will be directed to social protection, which falls within the needs of citizens and the priorities of the Egyptian program, in support to the social part of the economic program,” Minister of Investment and International Cooperation Sahar Nasr says.

Nasr also points out that receiving the second tranche confirms the Egyptian economy is moving steadily towards achieving comprehensive and sustainable development. “It is also worth noting that this program is part of activating the strategic partnership between Egypt and the AfDB to promote sustainable development, create job opportunities for young people, and support SMEs,” she adds.

The comprehensive economic and social development is based on three pillars: social justice,  creation of job opportunities and improvement of the business environment.