African Development Bank
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.
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 Egyptian delegation participated actively in the meeting sessions, which highlighted the most prominent issues and axes that were agreed upon among the governors representing 81 participating countries
Egyptian Minister of International Cooperation Dr. Rania Al-Mashat, met with Abdel Rahman Diao, the Country Director of the African Development Bank, to follow up on joint work files and development cooperation programs being implemented, within the framework of joint relations between the Egyptian government and the African Development Bank.
“The YLE Foundation's selection is based on its effective role in addressing climate change and environmental issues in North Africa, particularly as it holds consultative status with the United Nations Economic and Social Council and serves as an observer member of the United Nations Environment Programme and the Framework Convention on Climate Change. Additionally, the foundation has been actively engaged in climate summit meetings,” the statement read.
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”
This is lower than the previously forecasted 20 percent, with AfDB pointing to “high food and nonfood prices and the devaluation of the Egyptian pound"
The project provides its services to about 12 million people in the first and second phases, and the third phase provides services to about 5.5 million people
Under the theme of “Mobilizing Private Sector Financing for Climate and Green Growth in Africa,” the meetings aim to explore practical ways to support and boost Africa’s climate financing
The MoU was signed by CBE Governor Hassan Abdallah and Secretary General of the African Development Bank Vincent Nmehielle, CBE said in a statement.
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.
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.
Tarek Amer affirmed in a statement that Egypt's aspiration to host these important meetings, praising the historical relationship between Egypt and the African Development Bank, as Egypt is one of its founding countries in the 1960s.
