CAIRO - 8 September 2022: Egypt and the African Development Bank group (AfBD) launched Thursday Egypt’s AfDB Country Strategy Paper (2022-2026) during the second day of Egypt International Forum (Egypt-ICF2022).
Minister of International Cooperation, Rania Al-Mashat stated that the country strategy paper (CSP) defines the relationship between the African Development Bank (AfDB) and Egypt during the coming five years.
Al-Mashat elaborated during her speech that the CSP is prepared based on the national strategic plans such as Egypt Vision 2030, Climate 2050 Strategy, Human Right Document, Hayah Karima initiative and new and renewable energy strategy.
“Egypt is a strategic partner to the AfDB related to its contribution to the bank’s capital,” Al-Mashat said, pointing out that Egypt is the second country in term of contributions to the capital of the AfDB.
As for the national platform for Nexus of Water, Food and Energy (NWFE) project, the minister stated the AfDB is a main partner in the water pillar.
The country-owned (NWFE) program presents main messages from Egypt ahead of COP27 on going from pledges to implementation; aiming to stimulate the participation of the private sector to achieve the country’s 2030 national agenda, in line with the UN SDGs.
The NWFE is a national scheme meant to implement the nationally determined contributions (NDCs), a document Egypt recently submitted detailing its commitments to emission targets by 2030.
She added that AfDB is a main development partner to Egypt in raising funds, and offering technical support in implementing projects, noting that El-Gabal Al-Asfar project was funded by the bank and the bank supports the budget of transferring to new and renewable energy. She added that it also supports green economy.
El-Gabal El-Asfar treatment plant received $58 million in funding from the AfDB, to protect ecosystems and water resources. It treats 2.5 million cubic metres of wastewater every day, serving 12.5 million people. It was the biggest facility of its kind in Africa and the Middle East till the inauguration of Bahr el-Bakr treatment plant.
She explained that the strategy was prepared with the participation of parties from the governmental and private sectors, and work was carried out through several workshops until a clear strategy based on national foundations was produced, placing the private sector as a major axis of its axes.
Minister of Environment, Yasime Fouad, who participated in the launching, stated that the NWFE is putting climate in the heart of the development, noting that it will change the way people view COPs
“Now COPs will be a human centered focusing on the basic needs of humanity in order to survive on the Earth,” she added.
Egypt’s minister invited Kevin Kariuki is the Vice President for Power, Energy, Climate and Green Growth at the AfDB, and Solomon Quaynor is the Vice-President for Private Sector, Infrastructure and Industrialization at the AfDB to deliver speeches during the launch of the CSP.
Kariuki stated that the new strategy between Egypt and the African Development Bank is in line with the bank’s climate strategy, as it enhances efforts to achieve development and benefits citizens, supports climate action and stimulates participation between the public and private sectors.
For his part, Quaynor said that the joint strategy with Egypt works to enhance the competitiveness of the Egyptian economy, especially by creating job opportunities and stimulating the private sector.
“We also participate in the "NWFE" program, which supports the transition to a green economy,” he added, noting that it is necessary for the Egyptian private sector to also support the African continent through the implementation of joint projects and stimulating South-South cooperation for the benefit of the Egyptian and African economies.
Acting Vice President of the AfDB, KEVIN URAMA, stated that in addition to its efforts to finance development projects, the Bank is also working to enhance knowledge efforts and exchange experiences, and this will be one of the main axes of work in the new joint strategy, for that the African Free Trade Agreement enhances the process of exchanging knowledge and experiences.
On June 22, 2022, the African Development Bank Group’s Board of Directors approved Egypt’s Country Strategy Paper for the period from 2022 till 2026.
The purpose of a new Country Strategy Paper (CSP) is to guide the cooperation framework between the Bank and the government in the five-year period after the expiration of the ongoing strategy.
The new CSP sets out the strategic directions in terms of the operational priority areas, programs and projects and target development results, according to the announced data.
The AfDB elaborated that the new CSP was based on the country’s achievement despite the covid-19 impact and external shocks occasioned by the geopolitical crisis.
“Moreover, the new country strategy paper built on the achievements and lessons learnt from the implementation of previous strategy, particularly with regards to providing valuable insights to inform design and implementation of future operations by the Government and the Bank,” it added.
Egypt has been a founding member of the African Development Bank since 1964. The Bank has consequently contributed to financing development projects in all sectors through concessional loans, grants, and technical assistance.
Currently, Egypt’s total portfolio with the AfDB accounts to more than $ 6.73 billion, across 110 operations, with around $1 billion for financing 19 private sector operations in key sectors including manufacturing, financial sector, transportation, water, and agriculture.