Investment, Irrigation ministers review with AfDB team

Ministers Sahar Nasr of Investment and International Cooperation and Mohamed Abdel Ati of Irrigation had talks on Wednesday with a delegation of the African Development Bank (AfDB) on needed measures for disbursing the third tranche of the 1.5-billion-dollar loan by the end of the year.

Egypt has already received two tranches at a total value of 1 billion dollars.

The loan is meant to support Egypt's economic reform program as well as development plans.

Nasr reviewed the measures adopted by Egypt to improve the investment climate, including the new investment law.

She invited AfDB Vice President Khaled Sherif - who led the bank's delegation - to attend the "Investment for Sustainable Development: Africa 2017" Forum, which is due to be held under the patronage of President Abdel Fattah El Sisi in Sharm el Sheikh on December 7 through 9.

The event is organized by the Ministry of Investment and International Cooperation in tandem with the COMESA Regional Investment Agency (RIA).

Meanwhile, the irrigation minister reviewed irrigation and water projects to which the bank could contribute.

He said there are several top priority projects for the ministry, especially in the land reclamation domain, that would secure 200,000 jobs.

The AfDB mission expressed optimism about the economic reform measures adopted by Egypt, noting that Egypt became investment attractive state.

Sherif said Egypt is a pivotal state and key partner of the bank