Egypt registers first-half primary surplus of EGP 3.2 billion    ITFC approves $2.6 billion financing for Egypt    Hitachi to connect Gulf of Suez wind farm with Egypt national power grid    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    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    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    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    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    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, AfDB embark national consultations on new strategy 2022-2026
Published in Amwal Al Ghad on 11 - 10 - 2021

Egypt launched on Sunday national consultations with the African Development Bank (AfDB) to prepare for the new Country Strategy 2022-2026.
Egyptian Minister of International Cooperation Rania al-Mashat
The new Country Strategy with the AfDB aims to underscore the importance of strengthening development cooperation projects, support Egypt's Action Programme Plan, enhance the business environment, and develop economic infrastructure, Egyptian Minister of International Cooperation Rania al-Mashat said in a statement.
"Egypt is one of the founding members of the AfDB. The current cooperation portfolio with AfDB amounts to $6.7 billion allocated to financing 107 projects across sectors of economic and social development, of which $1.1 billion were directed to finance the private sector," al-Mashat noted.
The minister also added that the strategy also targets developing skills to enhance the private sector's engagement, creating job opportunities, scaling up water use and efficiency. It is also designed to develop and modernise the agricultural sector to respond to food security requirements with an objective to advance the green transformation to satisfy the rapid population growth in Egypt.
"I welcome the consultations on the new Country Strategy Paper between Egypt and AfDB. Both partners have demonstrated an exemplary alignment on national and regional issues." Ahmed Zayed, AfDB's Executive Director for Egypt and Djibouti, said in a bank statement.
Ahmed Zayed – Egypt and Djibouti's representative in the African Development Bank's (AfDB) board of directors.
"With the Bank's recent commitment to allocate 15 percent of its lending to regional integration as part of its General Capital Increase, I see this quite opportune for intensified private sector engagement, given the estimated $100 billion annual gap in Africa's infrastructure financing,"
Malinne Blomberg, AfDB's Deputy Regional Director for North Africa and Country Manager for Egypt, said that there is an ongoing coordination with the national stakeholders through the Egyptian Ministry of International Cooperation to lay out the new strategy's priorities.
Bloomberg also praised the efforts made in implementing the 2015-2021 strategy of cooperation, applauding the strong performance of the Egyptian economy reflected in the high annual growth rates during the strategy period, which contributed to controlling inflation rates, and reducing national debt.
Malinne Blomberg, AfDB's Deputy Regional Director for North Africa and Country Manager for Egypt
Commending Egypt's efforts for sustainable investments in supporting economic infrastructure, the AfDB official further said this laudable progress plays a prominent role in improving and developing the business environment.
The Country Strategy Paper 2022-2026 will build on Egypt's strong relationship with the AfDB for almost half a century. During the period of the ongoing strategic cooperation with the Egyptian government, the bank has financed over 54 projects to the tune of $6 billion in infrastructure development, agriculture, finance, industry and social sectors as well as economic and institutional reforms and capacity building.
As of today, AfDb has a portfolio of 23 operations in Egypt, valued at $1.6 billion, in areas of transport, power, water supply and sanitation, irrigation agriculture, technical assistance and capacity-building. Notable among them are the Gabal Al Asfar water treatment plant, one of the largest of its kind in Africa and the Middle East, as well as the Ain 1300 MW Sokhna thermal power plant, and the launch in 2021 of the development of the 200 MW Kom Ombo solar power plant.

Clic here to read the story from its source.