AfDB granted Egypt $1.46 billion in financing since 2022: Al Mashat

Cairo – October 16, 2024: Including six initiatives aimed at enhancing the private sector, the African Development Bank (AfDB) has committed $1.46 billion via 14 operations in Egypt’s public and private sectors from 2022 to 2024, stated Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat on Tuesday.

During the opening of a mid-term evaluation workshop for the joint country strategy for development cooperation between Egypt and the AfDB, covering the years 2022-2026, Al-Mashat noted the historical significance of Egypt's partnership with the AfDB, pointing out that the country is a founding member and contributed approximately 12.5 percent of the bank's initial capital.

In 2023, the AfDB approved a $131 million loan to support government initiatives designed to stimulate private sector growth and promote green development diversification. The bank also mobilized $2.2 billion in the same year to fund various water desalination and treatment projects in the agricultural sector.

Al-Mashat emphasized that this partnership has significantly bolstered Egypt's development efforts, particularly in areas such as food security, private sector growth, water desalination, wastewater treatment, and renewable energy projects.

She highlighted that the AfDB has become Egypt’s main development partner in the water sector, with plans to establish five solar-powered desalination plants across four governorates, yielding a total capacity of 525,000 cubic meters per day.

Today, Egypt ranks second after Nigeria in terms of capital share among regional countries in the AfDB.

The Egypt-AfDB partnership has facilitated the financing of over 128 projects, totaling $7.79 billion, across diverse sectors including agriculture, industry, energy, transportation, water, sanitation, and financial system development.

These efforts aim to improve access to funding for small and micro enterprises, aligning closely with Egypt’s national development strategies, including Vision 2030 and the National Climate Change Strategy 2050.

At the workshop, representatives from various Egyptian ministries and AfDB officials, including Kevin Oramah, Chief Economist and Vice President for Economic Governance and Knowledge Management of the African Development Bank, discussed progress and future collaboration.

Oramah commended Egypt’s ongoing economic reforms and expressed optimism for continued growth, emphasizing the AfDB's commitment to enhancing the business environment and building economic resilience.