The headquarters of the African Development Bank (AfDB) are pictured in Abidjan - REUTERS
CAIRO - 12 September 2022: The Central Bank of Egypt (CBE) inked on Monday a memorandum of understanding (MoU) with the African Development Bank Group (AfDB) on hosting the annual meetings of the African bank from May 22 to 26 in Sharm El-Sheikh.
The MoU was signed by CBE Governor Hassan Abdallah and Secretary General of the African Development Bank Vincent Nmehielle, CBE said in a statement.
In this regard, Abdallah said Egypt's host of the AfDB's annual meetings comes within a framework of the state's keenness to stimulate African integration and provide African economies with concessional financing in light of challenges that the continent faces.
Meanwhile, Nmehielle noted Egypt's big potential enables it to host the meetings, looking forward to rendering the coming meetings in May successful.
The bank has a portfolio of 25 operations in Egypt, valued at $1.37 billion, in transport, power, water supply and sanitation, irrigation agriculture, technical assistance, and capacity-building.