AfDB Pledges $500mn in Aid to Egypt in 2015

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The African Development Bank (AfDB) is allocating a financing portfolio worth US$500 million for Egypt within 2015, resident representative in Egypt Leila Mokaddem announced.

Speaking to Amwal Al Ghad on the sidelines of Euromoney Egypt Conference on Wednesday, Mokaddem stressed AfDB’s keenness on supporting Egypt within the current phase.

AfDB is currently studying the finance of a number of development projects in Egypt, in areas of renewable energy, irrigation, SMEs and infrastructure, she noted.

Furthermore, the banking official AfDB is also considering cooperation with international lending partners such as the World Bank Group, so as to finance Sharm El-Sheikh Airport project. At a total cost of funding the airport project worth around US$500 million, AfDB will determine its financing share within next year.

Egypt alongside Morocco and Tunisia are capturing the lion’s share of AfDB’s finance. In fact, Egypt seizes over 50% of the total value of finance provided by AfDB to the three countries of US$4.5 billion. 80% of AfDB’s finance to Egypt is dedicated for the energy sector; while the remaining value of finances goes for water, health and private sector projects.