Egypt: Government wooed with loan packages

The African Development Bank (ADB) has proposed Egypt with a loan valued at US$1.4 billion dollars. US$550 million of the US $1.4 billion loan has already been allocated to the Steam Power Station of the Suez for the purposes of an electrical production project. The project is one of 12 projects that will be discussed by Karebuka during his three-day visit with Egyptian officials. The loan offer comes at a time in which the post-revolutionary Egyptian economy is strife with turmoil.