Dr. Rania Al-Mashat, Minister of Planning and Economic Development, received Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), during his visit to Egypt to discuss the ongoing strategic partnership between Egypt and the AfDB. The meeting, attended by key representatives from the AfDB, focused on enhancing collaboration in sustainable development efforts and fostering regional integration across Africa. Dr. Al-Mashat expressed appreciation for the AfDB’s decade-long support in various sectors, emphasizing the bank’s pivotal role in enabling Egypt’s economic transformation and facilitating private sector development. She also highlighted Egypt’s interest in expanding the financing tools available to both local and foreign investors, and its commitment to strengthening relations with the AfDB to achieve greater economic integration within Africa.
Dr. Al-Mashat thanked Dr. Adesina for his contributions to the partnership and for supporting Egypt’s hosting of the AfDB Annual Meetings in 2023, while wishing him success as his term as President draws to a close. She emphasized that Egypt views its relationship with the AfDB as a key driver of private sector empowerment, focusing on new financing mechanisms to further enhance local and foreign investments.
The minister also commended the AfDB’s contribution to the “Nofo” National Water Program, noting the bank’s successful mobilization of financing for water resource projects, such as the renewable energy-powered desalination plants, and its role in enabling Egypt to issue its first “Sustainable Panda Bonds” in Africa in 2023. Additionally, Dr. Al-Mashat stressed the Ministry’s ongoing efforts to integrate economic development policies, with a focus on the sustainable use of both domestic and foreign resources, and the support for Egypt’s entrepreneurial ecosystem through the African Development Bank’s involvement in the country’s private sector and business climate reforms.
On his part, Dr. Akinwumi Adesina expressed his admiration for Egypt’s development trajectory, praising President Abdel Fattah El-Sisi’s leadership in driving both national progress and continental integration. He also lauded the country’s strides in infrastructure, particularly the development of the New Administrative Capital. Dr. Adesina highlighted the bank’s successful funding initiatives, particularly in the energy sector, citing Egypt’s leadership in implementing reforms that attract foreign direct investment. He referenced landmark projects such as the Benban Solar Park, multiple wind energy projects, and advanced water desalination initiatives as examples of the successful collaboration between the AfDB and Egypt.
In conclusion, the meeting saw the signing of a financing agreement for the fourth phase of the Abu Rawash wastewater treatment plant, which will increase the plant’s capacity from 1.6 million to 2 million cubic meters per day. This project will improve public health and environmental quality for over 10 million people in Giza and surrounding areas, creating new opportunities for agriculture, job creation, and environmental protection.
Since its inception in 1974, the African Development Bank has had a long-standing partnership with Egypt, with a total sovereign portfolio exceeding $7.79 billion and an additional $1.1 billion in non-sovereign private sector investments.
