CAIRO, -- Egypt has received the second $500 million tranche of a $1.5 billion African Development Bank (AfDB) loan, Investment and International Cooperation Minister Sahar Nasr said on Friday.

The money will go towards a government economic reform program, and specifically towards job creation and social spending, Nasr said in a statement.

The AfDB has disbursed the second $500-million tranche of a $1.5 million loan package to Egypt, the bank's representative in Cairo told Reuters on Thursday.

Leila Mokaddem said that the disbursal came into effect on Thursday, with the funds due to be received early next week.

In December 2016, Sahar Nasr signed a deal for the second tranche of the $1.5 billion loan, which is to be delivered over in three tranches over three years to boost the country's budget.

According to the ministry, the loan is intended to support government programmes that aim to achieve social and economic development by creating new jobs and improving the business environment.

Source: Emirates News Agency