AfDB planning to finance new projects in Egypt

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The African Development Bank (AfDB) is planning to finance new energy, industrial, and agricultural projects in Egyptian market during the upcoming period according to Trade and Industry Minister Tarek Kabil.

Trade and Industry Ministry has met today with Malini Blumberg, the new Director of the African Development Bank in Egypt, in the presence of Dalia Salem, Deputy Minister for Trade and Industry for International Cooperation.

The minister added that  the bank is trying to enhance mutual cooperation with the government and the private sector in Egypt in policy development.

He pointed out that the bank is currently studying the financing needs of a large number of investment projects in Egypt in a number of areas.

It is also studying the injection of new investments in the Suez channel development project.

He also referred to the possibility of establishing joint collaborative projects between the bank and Egyptian investors in the African continent countries, especially the COMESA and Central and West African countries.

The project “Green growth”, is for the management of industrial waste and the promotion of small and medium-sized industries and entrepreneurship in Egypt is funded by the African Development Bank in cooperation with the Ministry of Trade and Industry, which represents the center of cleaner production technology. The Industrial Council for Technology and Innovation is one of the important collaborative projects between the bank and the ministry.

The project aims to provide support to start-up companies that work in waste management throughout the Republic and aim to contribute to resource resources. The added value of local industries as alternative fuels, organic fertilizers, industrial raw materials and consumer products, and integration of new and innovative solutions into industrial groups value chains, introduction of recycled products to consumer markets and increased support from the private and public sectors “The Ministry is considering participating in the African Development Forum organized by the Bank in Johannesburg, South Africa, from 7 to 9 November with the participation of a large number of African and African financial institutions.