Khaled Sherif the vice president of AfDB (Photo: AfDB)
A high-level delegation from the African Development Bank (AfDB) is set to visit Egypt on Monday to discuss current bank programmes and future cooperation, an official statement by the bank said on Friday.
The delegation will be led by Khalid Sherif, the bank's vice president for regional development, integration and business delivery, who is visiting Egypt for the first time, Laila Al-Mokadem, the AfDB representative in Egypt, said in the statement.
Sherif will hold high-level talks with a number of Egyptian government ministers and development partners on the strategy of cooperation between Egypt and the bank, as well as discussing current programmes.
In 2015, Egypt signed a three-year $1.5 billion loan agreement with the AfDB; two tranches worth $1 billion have so far been dispersed.
The delegation, who are visiting from 2 to 8 October, aim to identify priority areas for development, to draft a framework of how the bank can support Egypt's economic reform agenda in the coming years.
According to the statement, the bank’s portfolio in Egypt comprises 29 projects, with a total financing of $2.34 billion; cooperation is based on two elements, development of infrastructure, and the strengthening of governance.
The portfolio is distributed in the sectors of energy, budget support, water and irrigation, agriculture and irrigation, and social security, and consists of loans to the government sector and to the private sector, as well as technical assistance grants, the statement adds.
Since 2015, AfDB has provided 11 grants to Egypt, worth $18.3 million, in a number of sectors, including to support the capabilities of workers in social security networks.
The bank has also funded projects in the social protection sector, including programmes to support education, health, poverty reduction and microfinance, and a project in Uppe Egypt to reduce poverty among smallholder farmers.