Egyptian Discussions with AfDB on Last Tranche of Loan

Egyptian officials during their meeting with the  AfDB delegation in Cairo on Wednesday. Asharq Al-Awsat
Egyptian officials during their meeting with the AfDB delegation in Cairo on Wednesday. Asharq Al-Awsat
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Egyptian Discussions with AfDB on Last Tranche of Loan

Egyptian officials during their meeting with the  AfDB delegation in Cairo on Wednesday. Asharq Al-Awsat
Egyptian officials during their meeting with the AfDB delegation in Cairo on Wednesday. Asharq Al-Awsat

Egyptian officials have discussed with a delegation from the African Development Bank the signing of the third and last $500 million tranche of a $1.5 billion AfDB loan.

The discussions took place between Minister of Investment Sahar Nasr and Minister of Water Resources and Irrigation Mohamed Abdel-Ati on one side and the AfDB delegation led by the bank’s Vice President Khaled Sherif on the other.

Talks focused on the bank’s proposed funding for several projects and the measures taken by Egypt to improve the investment climate, including President Abdel Fattah el-Sisi’s approval of the investment law.

The two sides also discussed the signing of the $500 million loan agreement with the AfDB by the end of 2017.

Nasr stressed the importance of receiving the third and last tranche of the $1.5 billion loan and loaded the bank’s cooperation in backing the Egyptian government’s economic program.

The minister noted that the government’s top priority lies in providing better living standards for Egyptian citizens, and implementing projects, which provide employment opportunities for young people, women and the most needy families, and that improve the infrastructure such as electricity and transportation.

Nasr invited Sherif to the three-day Africa 2017 investment conference that will be held under Sisi’s patronage on December 7 in the resort of Sharm el-Sheikh.

The bank’s delegation expressed optimism at the economic reforms undertaken by the Egyptian government, saying the country should be a good magnet for more investments.

Sherif said that Egypt is a founding member of the AfDB and the second largest contributor in the bank, which finances 29 projects with a total value of $2.3 billion.

He also stressed the importance of holding the Africa 2017 investment conference for greater African integration.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
TT

Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.