The African Development Bank (AfDB) approved a $131 million loan to Egypt to strengthen the country’s business environment, the lender said on November 27th.
This is considered the first phase of the Private Sector Development and Economic Diversification Support Program (PSD-EDSP I).
“The program supports the Egyptian government’s efforts through a robust public reform matrix to facilitate increased private sector development by improving the business environment and diversifying sources of green growth,” the AfDB said.
Earlier this month, it was reported that the AfDB is planning to provide up to $350 million in financing for public and private development projects in Egypt before the end of 2023.
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