Cairo - Egypt and African Development Bank (AfDB) held a meeting to discuss the $500 million third tranche of a loan from the bank to Cairo, on Monday. Cairo got earlier two portions of the $1.5 billion budget support loan. The meeting was attended by Electricity Minister Mohamed Shaker, Investment Minister Sahar Nasr and Trade and Industry Minister Tarek Kabeel with AfDB Resident Representative Leila Mokadem. Shaker reviewed during the meeting main steps taken to develop the electricity sector. Efforts to improve the business climate including a newly-issued law on investment were also expounded by Nasr, who told the meeting on similar laws to boost the economy. The program is designed to support strong, sustainable and inclusive growth in Egypt by providing a financing incentive for reforms that will help boost fiscal consolidation, improve governance and efficiency in the energy sector and strengthen business environment.
