Egypt nears Country Strategy Deal with AfDB

The government has recently held extended meetings with an official delegation from the African Development Bank (AfDB), a source near from the talks told Amwal Al Ghad Monday.

The meetings, taken place during the period from June 7-17, 2015 in Cairo, have focused on reaching a country strategy agreement that would cover the period 2015-2020.

The 2015-2020 AfDB’s strategy for Egypt is to focus on support for sectors of high priority in Egypt i.e. energy, water, agriculture, transport, environment, and climate change in addition to private sector development, the source added.

The design of the assistance strategy is underpinned by the country’s vision 2030.

The objective of the Bank’s strategy for the country during the period is the modernization of infrastructure and fostering employment-creating economic growth.

The details of the five-year strategy of cooperation shall be announced very soon, the source said, but declined to reveal the amount of suggested financing before reaching an official agreement.

Furthermore, the source said the agreement will include means of technical and financial cooperation between Egypt and AfDB.

Egypt is the AfDB’s second-largest African shareholder, which accounts for 5.4% of its regional member countries’ share capital.