Egypt approves $271mln financing agreement with ADF

The Egyptian cabinet has approved a draft decision regarding a financing agreement worth $271 million between Egypt and the African Development Bank (ADF) for a programme to support food security and economic resilience.

This deal comes within the framework of continuous coordination with development partners to secure the necessary financings to support the measures taken by the government in terms of structural economic policies to contribute to help lessen the impact of the global crisis, achieve economic stability, support the private sector and enhance its role in the economy, while preserving the gains of the Egyptian economy, according to an official statement.

The financing will further help support the economic growth programme by raising agricultural productivity and sustainability while strengthening the government’s ability to guarantee an enabling environment for the development of the private sector, including investments in the agricultural sector.