Egypt continues to support Africa’s economic development efforts: El-Sisi



Tue, 23 May 2023 - 02:04 GMT


Tue, 23 May 2023 - 02:04 GMT

President El-Sisi expressed his appreciation for the bank’s role in supporting Africa’s development and growth during his opening speech at this year’s annual African Development Bank Group meetings.

El-Sisi pointed out that Africa needs unconventional ideas and financing solutions to address important issues such as climate change and sustainable development, adding that climate change and its negative consequences are not limited to a country or region.

Under the theme of “Mobilizing Private Sector Financing for Climate and Green Growth in Africa,” the meetings aim to explore practical ways to support and boost Africa’s climate financing.

The president explained that Africa requires $200 billion annually to achieve its Sustainable Development Goals (SDGs), with $144 billion to deal with the repercussions of COVID-19 and $108 billion annually to fund infrastructure development projects.

He also highlighted that Egypt continues to support the acceleration of African nations’ economic development efforts.

The 58th Annual Meetings of the Board of Governors of the African Development Bank and the 49th Meetings of the Board of Governors of the African Development Fund are being hosted at Sharm El Sheikh, Egypt.

Various African heads of government and regional institutions were in attendance, as well as finance ministers, governors of central banks, and representatives of the private sectors, academics, and development partners from the African Development Bank Group’s member states.



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