AfDB to secure €4 billion for green Economy in Egypt

African Development Bank (AFDB) launched the African Circular Economy Facility (ACEF) in collaboration with the Finnish government valued €4 billion ($4.31 billion), its vice president Kariuki Kevin, said during the 57th AfDB annual meeting on Monday.

The facility aims to serve African countries adapt to climate change, remarking that it targets three main pillars, Kanini explained. These pillars are building institutional capacity, supporting the private sector, especially small and medium-sized enterprises (SMEs), and expanding the membership in the African Circular Economy Alliance (ACEA), she added.

Finland’s Minister of Foreign Affairs Juha Savolainen said that it is necessary for Africa to raise the finance for climate adaptation through 2025 to avoid the severe effects of the climate change.

The National Bank of Egypt has selected to award the African Banker Award, as the best regional bank in North Africa this year, during the annual meeting.

AfDB raised its predictions for Egypt’s real GDP growth to 5.7 percent in 2022 – up from 4.7 percent it expected in 2021 – before slowing down to 5.1 percent in 2023, according to the Economic Outlook Report for Africa.

Africa needs $32 to $40 billion per year to support the energy value chain to extent universal access for electricity in 2030, mentioned in the report.

Next year’s meetings will held in the Red Sea city of Sharm El-Sheikh, announced in the closing ceremony of the 57th annual meetings in Ghanaian capital Accra.