Egypt, AfDB embark national consultations on new strategy 2022-2026
Egypt launched on Sunday national consultations with the African Development Bank (AfDB) to prepare for the new Country Strategy 2022-2026.
The new Country Strategy with the AfDB aims to underscore the importance of strengthening development cooperation projects, support Egypt’s Action Programme Plan, enhance the business environment, and develop economic infrastructure, Egyptian Minister of International Cooperation Rania al-Mashat said in a statement.
“Egypt is one of the founding members of the AfDB. The current cooperation portfolio with AfDB amounts to $6.7 billion allocated to financing 107 projects across sectors of economic and social development, of which $1.1 billion were directed to finance the private sector,” al-Mashat noted.
The minister also added that the strategy also targets developing skills to enhance the private sector’s engagement, creating job opportunities, scaling up water use and efficiency. It is also designed to develop and modernise the agricultural sector to respond to food security requirements with an objective to advance the green transformation to satisfy the rapid population growth in Egypt.
“I welcome the consultations on the new Country Strategy Paper between Egypt and AfDB. Both partners have demonstrated an exemplary alignment on national and regional issues.” Ahmed Zayed, AfDB’s Executive Director for Egypt and Djibouti, said in a bank statement.
“With the Bank’s recent commitment to allocate 15 percent of its lending to regional integration as part of its General Capital Increase, I see this quite opportune for intensified private sector engagement, given the estimated $100 billion annual gap in Africa’s infrastructure financing,”
Malinne Blomberg, AfDB’s Deputy Regional Director for North Africa and Country Manager for Egypt, said that there is an ongoing coordination with the national stakeholders through the Egyptian Ministry of International Cooperation to lay out the new strategy’s priorities.
Bloomberg also praised the efforts made in implementing the 2015-2021 strategy of cooperation, applauding the strong performance of the Egyptian economy reflected in the high annual growth rates during the strategy period, which contributed to controlling inflation rates, and reducing national debt.
Commending Egypt’s efforts for sustainable investments in supporting economic infrastructure, the AfDB official further said this laudable progress plays a prominent role in improving and developing the business environment.
The Country Strategy Paper 2022-2026 will build on Egypt’s strong relationship with the AfDB for almost half a century. During the period of the ongoing strategic cooperation with the Egyptian government, the bank has financed over 54 projects to the tune of $6 billion in infrastructure development, agriculture, finance, industry and social sectors as well as economic and institutional reforms and capacity building.
As of today, AfDb has a portfolio of 23 operations in Egypt, valued at $1.6 billion, in areas of transport, power, water supply and sanitation, irrigation agriculture, technical assistance and capacity-building. Notable among them are the Gabal Al Asfar water treatment plant, one of the largest of its kind in Africa and the Middle East, as well as the Ain 1300 MW Sokhna thermal power plant, and the launch in 2021 of the development of the 200 MW Kom Ombo solar power plant.