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Sunday, 15 December 2019

Egypt praises the AfDB's role in bolstering its economic growth

At a joint workshop with the investment ministry, African Development Bank officials said that the Bank’s portfolio in Egypt is one of their best performing portfolios in the continent

Doaa A.Moneim , Saturday 13 Jul 2019
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Egypt’s government praised the role and contibution of the African Development Bank (AfDB) in strengthening the progress of the countrty's economy since 2011 through the bank's funding of various, major projects and programs.
 
At a two-day workshop held 10-11th July between the AfDB and Egypt’s Ministry of Investment and International cooperation, the AfDB’s Egypt Country Manager Malinne Blomberg presented on the findings of the mid-term review of the the bank's strategy for Egypt, highlighting the contribution that the bank-funded operations made to bolstering the Egyptian economy.
 
The workshop discussed the results of the AfDB's 2015-2019 country strategy for Egypt.
 
Blomberg explained that the AfDB has supported 50 projects in Egypt in that period, at a sum of $ 3.3 billion.These funds spanned numerous sectors including energy, economic governance, water supply and sanitation, agriculture, social and technical assistance, and capacity-building areas.
 
“The macroeconomic stabilization which was achieved over the past few years has helped in pushing the partnered projects forward,” Blomberg stated.
 
She added that Egypt possesses the necessary key strengths which, if optimally tapped, will take the country’s industry and trade to new levels.
 
She said that the youthful nature of Egypt's population both strengthens its sizeable domestic market and also offers an affordable labor force.
 
Blomberg added that Egypt’s geographic location and sound infrastructure offer immense opportunities for private sector growth and allows the country to be a hub for exports to and from Europe, the Middle East, and Africa.
 
During the workshop, the two sides focused on discussing the ongoing experiences and achievements of the AfDB in Egypt, taking stock of progress made while also identifying specific actions needed to improve performance.
 
The AfDB funded-projects, which were discussed at the workshop, included the Suez thermal power project; Abu Rawash waste water treatment plant; the national drainage project for increased agricultural productivity; renewable energy; irrigation pumping; industrial waste management; strengthening SME entrepreneurship; and the establishment of a Nile River navigational line between Lake Victoria and the Mediterranean.
 
Samuel Kamara, the AfDB’s Country Program Officer in Egypt, highlighted that the Bank’s portfolio in Egypt is one of the Pan-African bank’s best performing portfolios, stressing the bank's keeness to fund more projects in the country in order to accelerate its economic growth.
 
Under its partnership with Egypt, the AfDB continues broadening its involvment in competitive, inclusive and sustainable growth, with a focus on  increasing the private sector’s role in growing the economy.
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