(Adds minister comments)
CAIRO Dec 13 The African Development Bank's
(AfDB) board approved on Tuesday payment of a $500 million loan
to Egypt, the second of three expected disbursals, Minister of
International Cooperation Sahar Nasr told Reuters.
Egypt has been negotiating billions of dollars in aid from
various lenders to help revive its economy, battered by
political and economic upheaval since a 2011 uprising.
AfDB approved the loan in light of reforms announced over
the past year. They included a plan to move 20 percent of the
country's energy mix to renewable sources by 2025 and industrial
zones established by the ministry of trade and industry, Nasr
The loan will go toward development work that includes
social housing, youth employment and sanitation projects and is
subject to parliamentary approval, said Nasr, who declined to
specify when a vote might take place.
The minister said that a second $1 billion tranche from a $3
billion, three-year loan for budget support from the World Bank,
also subject to parliamentary approval, would be voted on by
that lender's board on December 20.
(Reporting by Eric Knecht; editing by Larry King)