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AfDB offers $364.6m to finance 15 ongoing projects in Egypt: Al-Mashat
Egypt, AfDB discuss 2022-2026 Country Strategy
Published in Daily News Egypt on 10 - 10 - 2021

The ongoing portfolio of cooperation between Egypt and the African Development Bank (AfDB) has amounted to $364.6m, allocated to financing 15 projects across sectors of water and sanitation, entrepreneurship, renewable energy, industrial waste management, and developing informal housing areas, according to Egypt's Minister of International Cooperation Rania Al-Mashat.
In 2021, the Ministry of International Cooperation signed a development financing agreement with the AfDB worth €109m, to develop sanitation services in Luxor governorate; supporting the efforts of the Ministry of Housing, Utilities and Urban Communities. This is in addition to another development financing agreement worth EUR 145 m directed to develop efficiency and safety of Egypt's railways, benefiting the Ministry of Transportation.
Meanwhile, Al-Mashat launched the national consultations with AfDB to prepare the new Country Strategy 2022-2026, within the framework of the series of discussions the Ministry of International Cooperation holds in coordination with relevant national entities in order to update the cooperation strategies with development partners for the upcoming five years. This took place with the participation of the AfDB's Executive Director for Egypt and Djibouti, Ahmed Zayed; AfDB Deputy Regional Director for North Africa and Country Manager for Egypt, Malinne Blomberg; and officials from the Ministry of International Cooperation.
This is in addition to the presence of over 17 ministries and governmental entities. Al-Mashat emphasized the importance of launching strategic negotiations, where all stakeholders participate to prepare an ambitious strategy that reflects the Government of Egypt's priorities and Egypt Action Programme Plan. The strategy also promotes private sector's engagement in development and aligns with the UN's SDGs. The Minister further elaborated that the Ministry of International Cooperation simultaneously holds consultations to develop the next five-year strategy with the European Bank for Reconstruction and Development (EBRD), the World Bank, and the United Nations. These consultations seek to achieve integration and consistency between the future strategies with multilateral development partners, so as to enhance the impact of such partnerships that push forward the national development agenda.
Minister Al-Mashat further mentioned that the new Country Strategy with AfDB aims to underscore the importance of strengthening development cooperation projects; supporting Egypt Action Programme Plan, to enhance the business environment; develop economic infrastructure that aims to achieve industrial and technological development; develop skills to enhance private sector's engagement; create job opportunities; scale up water use and efficiency; as well as to develop and modernize the agricultural sector to respond to food security requirements; advancing the green transformation to satisfy the rapid population growth in Egypt.
Noting that the new strategy comes as a continuation of the 2015-2021 strategy between Egypt and the AfDB, Al-Mashat stated that it has contributed to developing infrastructure, supporting sustainable and inclusive growth, enhancing transparency, governance and private sector's participation. She pointed out that the new strategy that is in progress, aligns with the AfDB's high five priorities, to Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.
She also stated that Egypt is one of the founding members of the AfDB; adding that the current cooperation portfolio with the African Development bank, amounts to $6.7bn allocated to financing 107 projects across sectors of economic and social development, of which $1.1bn were directed to finance the private sector.
"I welcome the consultations on the new Country Strategy Paper between Egypt and the African Development Bank. Both partners have demonstrated an exemplary alignment on national and regional issues. With the Bank's recent commitment to allocate 15% 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 $100bn annual gap in Africa's infrastructure financing," said Ahmed Zayed, the Bank's Executive Director for Egypt and Djibouti.


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