Mashat, ADB country director talk joint cooperation programs

CAIRO - 9 May 2024: Egyptian Minister of International Cooperation Dr. Rania Al-Mashat, met with Abdel Rahman Diao, the Country Director of the African Development Bank, to follow up on joint work files and development cooperation programs being implemented, within the framework of joint relations between the Egyptian government and the African Development Bank.

 

During the meeting, the two sides discussed future cooperation programs between the Egyptian government and the bank in light of the measures taken by the government to implement economic and structural reforms that support macroeconomic stability and empower the private sector, and the bank’s contribution to the development policy financing program.

 

The meeting also touched on what was achieved within the framework of the joint country strategy for the period from 2022-2026, which is based on three main axes: 1) promoting the green transformation, 2) supporting women’s empowerment and social inclusion efforts, and 3) improving the flexibility of the financial sector and increasing the participation of the private sector.

 

In this regard, the Minister of International Cooperation stressed the importance of these meetings in strengthening cooperation between the countries of the South in order to support development efforts in those countries, as well as the possibility of enhancing cooperation in order to transfer the Egyptian experience in implementing the national platform for the “Novi” program, the axis of the link between water, food projects and energy, as a model that can be replicated in other countries, which stimulates climate investments and enhances efforts to confront the negative effects of climate change.

 

The meeting touched on the various initiatives launched by the African Development Bank or in partnership with other partners to support and provide financing for various development plans. 

 

The Minister of International Cooperation further discussed ways to enhance cooperation within the framework of the “Alliance for Green Infrastructure in Africa - Project Development” initiative, which is led by the Bank in partnership with the African Union Commission, the African Investment Platform (Africa50 Platform), and many other partners. 

 

The aim of this partnership is to accelerate green transformation of the continent through cooperation with African countries and the private sector, internationally and locally, to prepare and develop flexible and transformative green infrastructure projects and programs quickly and on a large scale, worth $10 billion.

 

The African Development Bank is one of Egypt's main development partners. Since its establishment, the African Development Bank has contributed to financing a number of important development projects in various sectors through development financing, grants and technical assistance provided by it.

 

The bank has provided more than $6 billion in development financing, including more than one billion dollars to finance 24 private sector operations.