Egypt end week in red, benchmark EGX 30 drops 0.56%    Egypt's stocks close in red on Tuesday as benchmark EGX 30 falls 0.72%    Fitch affirms Egypt's long-term foreign currency issuer default rating at B+    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Russia to lift COVID restrictions on flights to Egypt's Red Sea resorts on Nov. 9    Egypt, Greece ink deal for first subsea power link between Europe and Africa    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt to host African Development Bank 2023 annual meetings
Published in Amwal Al Ghad on 21 - 09 - 2021

The board of African Development Bank (AfDB) has unanimously agreed on Egypt's request to host the bank's annual meetings on May 22-26, 2023 in the Egyptian Red Sea city of Sharm El Sheikh.
The step reflects the depth of relations between Egypt and the AfDB, and the international commendation for the country's unprecedented achievements accomplished during the past few years, particularly with regards to political stability, economic growth, and infrastructure development, Egyptian central bank governor Tarek Amer said in a statement.
Egyptian Central Bank Governor Tarek Amer (Photo Credit: Reuters)
Amer, who is also Governor of Egypt at the AfDB, made the remarks during the bank's fifty-sixth meeting held virtually.
Egypt is one of the AfDB's founding states in the 1960s. Since then, Egypt formed robust strategic partnership with the bank, built on the basis of joint cooperation to achieve the country's sustainable development strategic goals. This is in addition to enhancing and deepening the internal mutual African cooperation, while providing the necessary funds to finance the continent's development agenda, backed by the strong Egyptian political leadership that supports this mandate, and through the utilisation of stellar Egyptian expertise in all fields, Amer added.
Egypt has unprecedently succeeded in meeting and complying with all the AfDB's required specifications and standards to host the annual meetings, said Ahmed Zayed – Egypt and Djibouti's representative in the AfDB's board of directors.
Ahmed Zayed – Egypt and Djibouti's representative in the African Development Bank's (AfDB) board of directors.
"This is considered a testimony to Egypt's fruitful efforts in developing the domestic infrastructure, while achieving political and economic stability, which has always been recognised by the Bank's Board of Directors in its meetings, calling Egypt to convey its valuable experience to other African countries." Zayed noted.
He also added that Egypt's success to host the AfDB's Board of Governors Consultative Committee meetings held in Sharm El Sheikh on September 18, 2019, under the auspices of Tarek Amer, had increased the likelihood of approving its request to host the bank's annual meetings in 2023.
During the Board of Governors Consultative Committee 2019 meetings – led by Amer – the AfDB Governors successfully concluded the negotiations to increase the bank's capital base for the seventh time by 125 percent from $93 billion to $205 billion.
Egypt is Africa's second biggest shareholder in the AfDB's capital, and the third on the level of all 81 member states. It is also one of only three African countries, that contributes to the African Development fund, which aims at the development of low-income African countries.
The aggregate size of the cooperation portfolio between Egypt and AfDB – since the inception of bilateral developmental cooperation in 1974 – has reached circa $6.4 billion, and has supported funding a number of major developmental projects in Egypt, in addition to continental connectivity projects.
With regard to the current portfolio, total funds have averaged $1 billion, utilised in financing 22 projects in both the private and public sectors, and operating in a number of fields and industries, including; energy, transportation, agriculture, water and irrigation, sewage, and entrepreneurship.

Clic here to read the story from its source.