Published: January 14, 2010
Loans and grants cover agriculture and roadwork initiatives.
The African Development Bank (AfDB) has approved two new finance packages to back projects in Egypt and Togo.
The bank will lend US$70mn and offer a grant of about US$942mn to finance agricultural projects in Egypt. Much of the money has been earmarked for the Rural Revenue and Economic Situation Improvement Project which finances some 5000 small businesses and could create up to 60,500 jobs.
The AfDB will also offer an African Development Fund grant of about US$36.6mn to Togo. The grant will be used to finance the modernisation of the Aflao-Sanve Conji-Benin border road, part of the Abidjan-Lagos corridor.