Egypt signed the third, and final, USD 500 mn tranche of a USD 1.5 bn budget support loan package from the African Development Bank (AfDB) on Sunday, Invest-Gate reports.

The funding aims to support Egypt’s economic reform program, according to a press release released by the Ministry of Investment.

The USD 500 mn will be used to fund the country’s social security system, which does not currently meet the needs of citizens, according to Minister of Investment and International Cooperation Sahar Nasr.

The AfDB’s funding package is to support sustainable growth in Egypt, enhance governance and offer direct job opportunities, Malinne Blomberg, the AfDB’s country manager for Egypt, says.

The Egyptian government has already shown a commitment to carrying out reforms, as well as investments, growth, and energy sustainability.

AfDB currently heads 40 projects worth USD 2.4 bn in Egypt.