AfDB
On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's crucial role in advancing the continent's regional integration agenda and fostering trade and investment
The AfDB funded the project, while GAFI delivered the workshops through Fekretak Sherketak Center.
This funding includes both developmental aid and investments in the private sector, along with technical support.
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”
President Sisi expressed appreciation for the bank's role in supporting developmental sectors on the continent.
The AfDB's vice-president, Kevin Urama, stated in July that Africa was losing 5 percent to 15 percent of GDP per capita due to climate change.
Maait's remarks came during his meeting on Wednesday with AFDB President Akinwumi Adesina, on the sidelines of the 2022 UN Climate Change Conference, COP27, currently held in the Red Sea resort city of Sharm El Sheikh.
This came during a meeting between the Minister of Trade and Industry, Ahmed Samir, with the President of the African Development Bank Group, on Monday.
The MoU was signed by CBE Governor Hassan Abdallah and Secretary General of the African Development Bank Vincent Nmehielle, CBE said in a statement.
The purpose of a new Country Strategy Paper (CSP) is to guide the cooperation framework between the Bank and the government in the five-year period after the expiration of the ongoing strategy.
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.
The Minister of International Cooperation, Rania A. Al-Mashat, held a high-level meeting with a delegation led by the Vice-President of the African Development Bank (AfDB), Kevin Kariuki, to harness South-South cooperation and enhance regional climate change action through innovative climate financing.
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.
