{"id":106522,"date":"2025-01-22T22:22:40","date_gmt":"2025-01-22T20:22:40","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=106522"},"modified":"2025-01-24T22:33:45","modified_gmt":"2025-01-24T20:33:45","slug":"afdb-approves-170m-loan-to-foster-egypts-private-sector-green-growth","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/afdb-approves-170m-loan-to-foster-egypts-private-sector-green-growth\/","title":{"rendered":"AfDB approves $170m loan to foster Egypt\u2019s private sector, green growth"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">The <a href=\"https:\/\/www.csregypt.com\/en\/afdb-allocates-170-m-for-1-1-gw-suez-wind-project\/\">African Development Bank (AfDB)<\/a> has approved a loan of $\u00a0170 million to the government of Egypt for the implementation of the second phase of a program to foster private sector development and economic diversification, with special emphasis on green growth.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The loan for the Support Program for Private Sector Development and Economic Diversification in Egypt, approved on 27 November 2024, will take the form of budget support, and is for the period 2024-2025.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The Bank had previously granted Egypt a loan of $\u00a0131 million for the first phase of the program, implemented in 2023-2024. Korea\u2019s Economic Cooperation Development Fund (EDCF) and the Japan International Cooperation Agency (JICA) contributed to financing phase I of the program, while the World Bank is contributing to phase II.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">By improving the country\u2019s business climate across areas such as manufacturing and agribusiness, and diversifying its sources of green growth through an emphasis on renewable energy and reduction of carbon emissions, the program aims to catalyze private sector investment, creating employment opportunities, including for women and young people.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The program will also prioritize the legalization of informal businesses as well as changes to existing laws to provide greater legal recourse for settlement of small claims. Through these, it will benefit small and medium-sized enterprises, especially informal ones run or owned by women, by enabling a smooth transition to the formal sector.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The first phase of the program was widely regarded as successful. This second phase will seek to build on its gains, advancing economic diversification and the green transition, and increasing competitiveness and investment flows, which are all key factors in improving the perceived debt sustainability of the Egyptian economy.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Abdourhamane Diaw, Head of the African Development Bank\u2019s country office in Egypt, commented \u201cEgypt\u2019s youthful and educated population, its improving competitiveness and attractiveness, and the potential of its private sector gives us plenty of reasons to be confident that the Egyptian economy will grow stronger and will be on a more solid, greener and sustainable path.\u201d<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\n","protected":false},"excerpt":{"rendered":"<p>The African Development Bank (AfDB) has approved a loan of $\u00a0170 million to the government of Egypt for the implementation of the second phase of a program to foster private sector development and economic diversification, with special emphasis on green growth. The loan for the Support Program for Private Sector Development and Economic Diversification in [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":106523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,13332],"tags":[6388,8563,6463,9634],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AfDB approves $170m loan to foster Egypt\u2019s private sector, green growth - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The AfDB has approved a loan of $\u00a0170 million to Egypt to foster private sector development with special emphasis on green growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/afdb-approves-170m-loan-to-foster-egypts-private-sector-green-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB approves $170m loan to foster Egypt\u2019s private sector, green growth - 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