The African Development Bank Group and the Ministry of International Cooperation on Monday October, 4th launched consultations for the Bank’s new Country Strategy Paper for Egypt. As part of the consultations the Bank is ensuring its engagement with Egypt is fully aligned with national priorities and will consult with a wide group of stakeholders, including representatives of the private and public sectors and civil society who will be providing input over the coming weeks to guide Bank operations in the country for the next five years (2022-2026).
The Bank’s strategy aims to support Egypt’s development priorities with the overarching goal of reinforcing sustainable and inclusive growth dynamics. Its main objective is to contribute to building a competitive and resilient economy.
Minister of International Cooperation, Dr. Rania A. Al-Mashat, affirmed the importance of the strategic partnership between Egypt and the African Development Bank, which has contributed to the provision of many development funds across various sectors; pushing forward Egypt’s efforts in achieving sustainable development.
Al-Mashat further noted that the ongoing discussions on the future strategy with the Bank, comes within the framework of the Government of Egypt’s efforts to achieve sustainable recovery and inclusive growth. Applauding the African Development Bank’s efforts, Minister Al-Mashat emphasized the profound role the Bank plays in enhancing joint, consistent and fruitful cooperation that aims to create effective communication; achieving development for all.
Guided by the priorities of the government’s National Development Plan “Egypt’s Vision 2030”, the Bank aims to focus its interventions on strengthening the country’s competitiveness for robust private sector-led growth and job creation; and building resilience through food and water security and energy efficiency for sustainable and green development.
“I welcome the consultations on the new Country Strategy Paper between Egypt and the African Development Bank. Both partners have demonstrated an exemplary alignment on national and regional issues. With the Bank’s recent commitment to allocate 15% 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,” said Ahmed Zayed, the Bank’s Executive Director for Egypt and Djibouti.
The Bank will develop a pipeline of operations to support the national development agenda, including both public and private sector transactions as well as technical assistance. Sectors to be discussed as part of the mission include energy, transport, water and sanitation, industry, agriculture, financial services, telecommunications and SME sectors.
“Our purpose in Egypt is to contribute to job creation and inclusive growth. At the same time, we also want to promote Egyptian companies in these sectors who we see as ‘African Champions’ and support their expansion within Africa as Egypt has a lot to offer,” said Malinne Blomberg, the Bank’s Deputy Director General for the North Africa region.
The Country Strategy Paper 2022-2026 will build on Egypt’s strong relationship with the African Development Bank for almost half a century. During the period of the ongoing strategic cooperation with Government of Egypt, the Bank has financed over 54 projects to the tune of $6bn in infrastructure development, agriculture, finance, industry and social sectors as well as economic and institutional reforms and capacity building.
As of today, the Bank has a portfolio of 23 operations in Egypt, valued at $1.6 billion, in 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, 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.