AfDB, Egypt to sign 2015-2020 Strategy Deal this Month: Minister

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The Ministry of International Cooperation is to sign this month the country strategy agreement with the African Development Bank (AfDB), minister Naglaa Al-Ahwany said Thursday.

AfDB’s country strategy agreement with Egypt will cover the period from 2015 until 2020.

Egypt is the AfDB’s second-largest African shareholder, which accounts for 5.4% of its regional member countries’ share capital.

Speaking to Amwal Al Ghad, Minister Al-Ahwany said the assistance strategy would be designated for development and infrastructure projects in Egypt and in case of lack of sufficient liquidity to resume funding those projects, the government would resort to the Bank’s Africa50 Infrastructure Fund.

The design of the assistance strategy is underpinned by the country’s vision 2030.

The Bank’s ongoing portfolio in Egypt consists of a total of 29 projects worth U$1,9 billion divided into loans and grant, with the vast majority (around 79%) centered on the energy sector, the minister added.

Egypt is the AfDB’s second-largest African shareholder, which accounts for 5.4% of its regional member countries’ share capital.

Since its establishment in 1964, the African Development Bank Group, a AAA rated institution with an authorized capital of US $100 billion, has committed some US$95 billion to support approximately 4,000 development projects and programmes on the continent.

The objective of the Bank’s strategy for the country during the period is the modernization of infrastructure and fostering employment-creating economic growth.

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