Sisi approves increasing Egypt's subscription in AfDB's capital

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Thu, 09 Jul 2020 - 10:15 GMT

FILE- President Abdel Fatah al-Sisi during a conference in Egypt- press photo

FILE- President Abdel Fatah al-Sisi during a conference in Egypt- press photo

CAIRO – 9 July 2020: President Abdel Fatah El Sisi issued a decree No. 99 of 2020 approving the decision of the African Development Bank’s (AfDB) Board of Directors No. 15 - 2019 issued on September 16, 2019.

 

The decision was regarding the allocation of shares in the capital of the African Development Bank within the framework of the rules for transferring ownership of shares available for subscription during the period ending April 30, 2019.

 

This comes within the framework of the fifth and sixth general increases in the bank’s capital.

 

 

The decision was published in the Official Gazette on Thursday.

 

In June, the Board of the African Development Bank agreed to provide €225 million to finance the electricity subsidy program, promote green growth, sustainable development and mitigate the effects of climate change in Egypt.

 

Minister of International Cooperation Rania Al-Mashat pointed out then that the project would help meet the Government’s financing requirements, expand social expenditures to mitigate the socio-economic impact of the pandemic, and will support a sound electricity infrastructure base as a key enabler for the private sector and for the country’s competitiveness.

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