AfDB studies Higher Finances for Egypt this Year – Official

The African Development Bank Group may alter its 2015 finance strategy with Egypt for 2015 to allocate US$650 million, up from US$500 million, an official from the bank told Amwal Al Ghad Sunday.

According to AfDB’s Resident Representative in Egypt Leila Mokaddem, the bank studies the raise in finances so as to take part in more new projects in Egypt.

Speaking to Amwal Al Ghad, Mokaddem said AfDB’s 2015 strategy for Egypt is based on supporting a number of sectors, notably the renewable energy, transport, and irrigation.

AfDB intends to pump US$100 million in finance to participate in carrying out a new Egyptian project in renewable energy, the banking official elaborated.

Since 1974, AfDB has financed around 100 operations in Egypt worth US$6.9 billion.

In March, AfDB reached an agreement with the Egyptian government over a US$2.5-3 billion in aid, marking a three-year strategy of cooperation with Egypt for 2015-2019.