The AfDB clarified that the new foundation will significantly enhance Africa’s access to the technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products.
Ahead of COP27, Egypt is preparing a guidebook to help governments, multilateral development banks and the private sector engage in the mobilization of climate finance, the bank added.
Shaker said the Egyptian electricity sector has succeeded in completing many projects and programs in cooperation with the bank.
The Minister of International Cooperation, Rania A. Al-Mashat, held a high-level meeting with a delegation led by the Vice-President of the African Development Bank (AfDB), Kevin Kariuki, to harness South-South cooperation and enhance regional climate change action through innovative climate financing.
COP 27 is scheduled for November 2022 in the coastal city of Sharm El Sheikh.
This took place with the participation of the AfDB’s Executive Director for Egypt and Djibouti, Ahmed Zayed; the African Development Bank’s (AfDB) Deputy Regional Director for North Africa and Country Manager for Egypt, Malinne Blomberg; and officials from the Ministry of International Cooperation.
Tarek Amer affirmed in a statement that Egypt's aspiration to host these important meetings, praising the historical relationship between Egypt and the African Development Bank, as Egypt is one of its founding countries in the 1960s.
That was in IPAs Africa Forum 1 held in Sharm El Sheikh on June 11-14.
The agreement comes with the aim of improving efficiency and safety factors in the railway system by extending the authority's main lines (Alexandria / Cairo / Assiut / Naga Hammadi and Benha / Port Said line) with 953 km controlled by the European Train Control System (ETCS-L1) to manage the course of the cars.
"The oil and gas sector development strategy has led to the signing of 98 international agreements with a minimum investment of $16 billion,” Tarek el-Molla commented.
The portfolio covers various development sectors such as electricity, health, research, entrepreneurship, budget support, and water and sanitation.
The AfDB will provide Egypt with €108 million alongside a €1 million grant through the project under implementation so that 22 thousand homes in Luxor will benefit.
During the meeting, the two sides also probed funding priorities in various development sectors in African states, especially those related to food security, agricultural projects, new and renewable energy, in addition to health.
The decision was regarding the allocation of shares in the capital of the African Development Bank.
The project would help meet the Government’s financing requirements, expand social expenditures to mitigate the socio-economic impact of the pandemic.
Blomberg noted that an agreement would soon be signed with the Egyptian government on emergency grant funding worth $500,000 for the categories harmed by COVID-19.
The meeting was attended by officials from World Bank (WB), IFC, European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB).
Bloomberg added that this step will entail enhancing communication between stakeholders at the government, private sector and civil society levels to provide joint ownership.
In a report on African economic outlook 2020, the bank attributed this rise to the economic reform measures adopted by Egypt since 2016.
The boost in capital ensures that the Bank will continue to maintain a sterling AAA rating, all stable, from the top rating agencies.