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1999-2009 - Egypt - Evaluation of Policy Based Lending in the AfDB
In September 2004 the Government of Egypt (GoE) launched a comprehensive reform programme for its financial sector – the Financial Sector Reform Program (or FSRP). This programme was planned to run from 2005 through 2008. The total cost of this operation was estimated at $9.2 billion. The African Development Bank was approached for financial support and in 2006 the Bank conducted a joint appraisal mission with the World Bank and a Development Budget Support Loan (DBSL) of $500 million was provided as a single tranche operation. This was alongside financing for FSRP from the World Bank ($500 million), USAID ($1.2 billion) and the European Union ($9.5 million). The overall reform package proposed by the Egyptians was multi-faceted, technically complex and institutionally challenging in most of the reform areas.