Financial and Banking News
ADB Lends Egypt $60mn
The African Development Bank (ADB) has agreed to lend Egypt's Development Industrial Bank $59.9mn, according to an ADB spokesman on 13 December. The loan, the largest in ADB's 20-year history, is repayable over 15 years with three years grace and interest at 10%. It is to provide the Egyptian bank with foreign exchange to help it in financing small-scale industrial projects to be approved by the ADB.