African Development Bank May Lend Egypt as Much as $1.5 Billion
This article is for subscribers only.
The African Development Bank may lend Egypt as much as $1.5 billion to help the economy recover from the revolution that toppled President Hosni Mubarak in February, a bank official said.
“We will be able to commit between $1 billion and $1.5 billion” in funding to Egypt over the next 12 to 18 months, Jacob Kolster, the AfDB’s director for Tunisia, Libya and Egypt, said in an interview in Lisbon yesterday. “The Egyptians, from a financial point of view, will weather this crisis. The issue is really that they get going with some important economic and social reforms. We are there to support them.”