The African Development Bank (AfDB) has handed Egypt the third and final USD 500 mn tranche of a USD 1.5 bn loan, aimed at funding the country’s economic and social programs, Invest-Gate reports.

“The bank’s continuing support for Egypt sends a clear message that country’s economy is on the right path towards global sustainable development,” Egyptian Minister of Investment and International Cooperation Sahar Nasr said in a statement on September 28.

The coming period is expected to witness more cooperation with AfDB to support the private sector and the infrastructure in the Sinai Peninsula, which contributes to attracting more investments into the country, Nasr elaborated.

The loan, which was first signed in 2015, is aimed at aiding the government’s programs to achieve comprehensive economic and social development, enhance social justice by offering job opportunities, and improve the business environment.

Egypt signed the third and final tranche deal last January, few months after it received the second tranche in 2017.