AfDB supports its members, including Egypt, by $3M-bond

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Tue, 07 Apr 2020 - 12:03 GMT

The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, September 16, 2016. - Reuters

The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, September 16, 2016. - Reuters

CAIRO – 7 April 2020: The African Development Bank (AfDB) announced issuing a $3-billion bond to support efforts to combat the spread of the coronavirus emerging in the bank's member states, including Egypt, according to Director of the AfDB Malin Bloomberg.

Bloomberg added that this step will entail enhancing communication between stakeholders at the government, the private sector and civil society to provide joint ownership; thus, raising the sustainability of social services and infrastructure, to benefit everyone, according to a statement issued by the Egyptian Ministry of International Cooperation.

The AfDB director stressed that Egypt takes quick and steady steps to face the catastrophe that has swept the world, and that the Egyptian leadership has been prioritizing communication and coordination with partners more than ever.

“Egyptian Minister of International Cooperation Rania al-Mashat's communication with development partners is an important step that helps the African Development Bank to maximize its contribution to meeting Egypt's needs, whether urgent or long-term needs,” she noted.

This came during the participation of the heads and officials of international and regional development institutions and a number of ambassadors in Cairo in the meeting chaired by Egyptian Minister of International Cooperation Rania Al-Mashat through a video conference last week.

For her part, Director of the Southern and Eastern Mediterranean Region at the European Bank for Reconstruction and Development (EBRD) Heike Harmgart said that the bank is working at a rapid pace throughout Egypt to provide a global solidarity package of $1 billion for the companies and banks that suffer from the consequences of the epidemic.

Harmgart added that the bank works with an understanding of the needs and in support of the working capital, financing trade operations and scheduling outstanding debts.

Moreover, CEO of the International Islamic Corporation for Trade Financing, and a member of the Islamic Development Bank Group, Hany Salem Sonbol, also affirmed the foundation’s commitment to support the Egyptian government in its efforts to achieve the sustainable development goals.

Sonbol announced the allocation of $1.1 billion to finance trade this year to enable Egypt to secure the energy and food security sector, in addition to development and capacity building programs to enhance the integration of women and empower young people.

He further stressed the foundation's keenness to enhance cooperation in development with the Egyptian government in light of the Ministry of International Cooperation's new strategy to communicate with international institutions.

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