Exclusive: Egypt secures AfDB’s US$3 billion Aid as part of 3-year Plan

The African Development Bank (AfDB) reaches an agreement with Egyptian government over a US$2.5-3 billion in aid, a banking source near from the talks told Amwal Al Ghad on Sunday.

The aid will be part of AfDB’s three-year strategy of cooperation with Egypt for 2015-2019.

AfDB’s current financial assistance to Egypt is worth US$500 million for 2015, the source said referring to the bank’s plans to secure greater assistance packages for Egypt in the coming period on condition of witnessing more economic improvements and better credit rating.

The source further described AfDB’s planned financial assistance package for Egypt of US$2.5-3 billion as ‘unprecedented’ since the start of cooperation between Egypt and the bank in 1974.

Since 1974, the volume of cooperation portfolio between Egypt and AfDB reached US$5.7 billion.

AfDB is set to announce the details of its renewed three-year strategy of cooperation with Egyptian government within next July, the source said.

Meanwhile, the source referred to the latest visit paid by Egypt’s Prime Minister Ibrahim Mahlab and ministers of international cooperation as well as of housing to AfDB’s headquarters in Cote d’Ivoire’s capital, Abidjan.

The two-day visit aimed to activate the cooperation between Egypt and AfDB and to force the pace on carrying out the signed joint agreements.

During the visit, AfDB officials had assured Prime Minister Ibrahim Mahlab that the bank would fund developmental projects that are of high priority to the Egyptian government.