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The African Development Bank (AfDB) has pledged $1.46 billion through 14 operations aimed at enhancing the private sector from 2022 to 2024. This announcement was made by Egypt’s Minister of Planning, Rania Al-Mashat, during the opening of a mid-term evaluation workshop for the joint country strategy for development cooperation between Egypt and the AfDB, covering the years 2022-2026.
Al-Mashat highlighted the historical significance of Egypt’s collaboration with the AfDB, noting that Egypt is a founding member and has contributed approximately 12.5% of the bank’s initial capital. This longstanding partnership underscores the commitment of both entities to foster sustainable economic development in Egypt.
Targeted Initiatives for Growth
In 2023, the AfDB approved a $131 million loan to support governmental initiatives focused on stimulating private sector growth and promoting green development diversification. Additionally, the bank mobilized $2.2 billion to fund various water desalination and treatment projects within the agricultural sector, reflecting a concerted effort to address pressing environmental challenges.
Al-Mashat emphasized that these initiatives are integral to enhancing Egypt’s development, particularly in critical areas such as food security, renewable energy, and water management. She pointed out that the AfDB has become Egypt’s primary development partner in the water sector, with plans to establish five solar-powered desalination plants across four governorates, achieving a total capacity of 525,000 cubic meters per day.
These efforts catalyzes Egypt’s national development strategies, including Vision 2030 and the National Climate Change Strategy 2050.
During the workshop, representatives from various Egyptian ministries and AfDB officials, including Kevin Oramah, Chief Economist and Vice President for Economic Governance and Knowledge Management, engaged in discussions regarding progress and future collaboration. Oramah praised Egypt’s ongoing economic reforms and expressed optimism for sustained growth, reiterating the AfDB’s commitment to enhancing the business environment and building economic resilience.
