African Development Bank
The AfDB clarified that the instruments and amounts include $10 million Line of credit with a tenor of 10 years, and $90 million subordinated loan with a tenor of 10 years.
The $131 million loan, named the Private Sector Development and Economic Diversification Support Program, aims to “promote private sector development and economic diversification”
This is lower than the previously forecasted 20 percent, with AfDB pointing to “high food and nonfood prices and the devaluation of the Egyptian pound"
The project provides its services to about 12 million people in the first and second phases, and the third phase provides services to about 5.5 million people
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 MoU was signed by CBE Governor Hassan Abdallah and Secretary General of the African Development Bank Vincent Nmehielle, CBE said in a statement.
Urama referred to difficulties which the black continent encounters such as opportunities for innovation.
In its African Economic Outlook Report, AfDB statistics revealed that Egypt was one of the few African countries that showed positive growth in 2020, the year that witnessed the global outbreak of coronavirus pandemic.
The development financing approved by the AfDB to support the budget comes within the framework of the government's efforts to enhance efforts to combat the challenges facing development in the current period, as a result of global developments and their related impact on food security.
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.
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.
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 portfolio covers various development sectors such as electricity, health, research, entrepreneurship, budget support, and water and sanitation.
The decision was regarding the allocation of shares in the capital of the African Development Bank.
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.