Cairo – Mubasher: The African Development Bank (AfDB) has agreed to provide Egypt with development finance worth $271 million to support the country’s food security sector, the Minister of International Cooperation, Rania El-Mashat, announced.
The development financing aligns with Egypt’s plans to bolster agricultural productivity and sustainability, face food security risks, and enhance financial transparency.
In addition, El-Mashat pointed out that the AfDB loan holds a repayment period of around 20 years, with a five-year grace period.
Meanwhile, the development cooperation portfolio between Egypt and AfDB has exceeded $6.70 billion, which financed over 107 projects in different sectors.
Of the total value, about $1.10 billion had been allocated for the private sector’s projects.
Last June, Egypt secured a $500 million loan from the World Bank to boost its food security and agriculture sector.
