AfDB
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.
Country Manager Malinne Blomberg stated on Monday that the African Development Bank (AfDB) supports five main realms on the continent, highlighting that they match Egypt’s development agenda.
The grant deal was signed Tuesday in the presence of Housing Minister Assem el Gazzar.
This came during Madbouli's meeting with a bank delegation in the presence of Minister of Investment and International Cooperation Sahar Nasr.
This came in an AfDB report on Egypt which was announced during a press conference at the Egyptian Investment and International Cooperation Ministry.
The grant was signed by Minister of Investment Sahar Nasr and AfDB’s country Manager of Egypt Malinne Blomberg, in the presence of Minister of Higher Education Khaled Abdel Ghaffar.
AfDB is keen on fully supporting Egypt within the coming period.
Sisi issued decree No. 178 of 2018 approving a loan agreement of the African Development Bank related to the Sustainable Development of the Abu Rawash Water Treatment and Sewage Treatment Project for $100 million.
Over the past few years, Egypt has made great strides in securing investments for its renewable energy sector. African Development Bank Country Manager Malinne Blomberg shares how Africa can take a page out of Egypt’s book to make its rich energy resource
During the meeting, Arafat reviewed available investment and funding opportunities in the transportation sector, which is witnessing a quantum leap in the current phase.
The African Development Bank (AFDB) is currently taking all needed procedures to disburse the third and last tranche of its 1.5 billion dollar loan to Egypt
Most Read
