The Board of Directors of the African Development Bank approved a development financing for Egypt worth $271m, within the framework of the rapid financing mechanism to face the repercussions of the global food crisis.
Rania Al-Mashat, Minister of International Cooperation, said that the development funding comes within the framework of the government’s efforts to combat the challenges facing development in the current period, as a result of global developments and their related impact on food security.
She pointed out that the Board of Directors of the African Development Bank praised, in a meeting on the financing that will be provided to Egypt, the government’s efforts to achieve food security based on the gains and economic reforms adopted by the political leadership since 2016.
The Minister of International Cooperation added that the soft development finance has a repayment period of about 20 years, in addition to a 5-year grace period, which reflects the importance of these soft development funds in supporting development efforts in different countries, and emphasizes the strategic relationship between Egypt and its multilateral development partners.
