El-Sisi approves AfDB’s $2M grant for VICMED project

Updated 1/30/2025 1:01:00 PM
El-Sisi approves AfDB’s $2M grant for VICMED project

Arab Finance: Egyptian President Abdel Fattah El-Sisi issued Decree No. 371 of 2024, approving a $2 million grant agreement provided by the African Development Bank (AfDB), according to an official statement.

The funding will be used for the preparation of the second phase of the navigational line between Lake Victoria and the Mediterranean Sea (VICMED) project.

On January 21st, AfDB greenlit a $170 million loan to support Egypt’s private sector development and economic diversification.

 

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