AfDB's loan to Egypt comes as part of overall program for economic development

The agreement which was signed between the International Cooperation Ministry and the African Development Bank (AfDB) comes within an overall program to attain economic development and support state budget, said the Cabinet.

Under the agreement, the AfDB approved a 500-million-dollar soft loan to Egypt.

This is part of a wider economic development program which will see the bank support Egypt with 1.5 billion dollar over three years.

The agreement came as part of efforts exerted by the ministry over the past period to underlined partnership ties with the African countries, said International Cooperation Minister Sahar Nasr.

The agreement shows confidence in the economic and social program of the government, she added.

Representatives of the AfDB's board of directors, meanwhile, said that the agreement sends a strong message that the Egyptian economy is taking steady path toward attaining overall development.

They also said that the AfDB has confidence in the reform measures taken by the government.

The agreement also comes as part of efforts to activate strategic partnership, push forward sustainable development and offer grants and soft loans in the various sectors to flourish Egypt's economy, they added.