El-Gabal El-Asfar Wastewater Treatment Plant. (Egyptian Presidency).
The bank exceeded a previous funding target of $1.4 billion, Adesina stated during his inaugural speech at the annual board meetings of the AfDB and the African Development Fund (ADF).
He added that the announced fund is part of a $14 billion financial mobilization for Egypt's Nexus for Water, Food, and Energy (NWFE) programme.
Adesina referred to the water treatment projects in Egypt, including El-Gabal El-Asfar Wastewater Treatment Plant, praising the government’s efforts in the development of infrastructure projects.
During his speech on Tuesday, President Abdel El-Fattah El-Sisi said "Africa requires $200 billion annually to achieve the Sustainable Development Goals (SDGs), $144 billion annually to address the repercussions of COVID-19 and $108 billion annually to fund infrastructure development projects."
On Monday, the 58th annual meetings of the board of governors of the AfDB and the 49th meetings of the board of governors of the ADF was launched in the Egyptian city of Sharm El-Sheikh.
The five-day event focuses on encouraging the private sector to fund climate-friendly and green projects in Africa, according to the AfDB.
Launched in July 2022, The NWFE is a national scheme meant to implement Egypt's Nationally Determined Contributions (NDCs) to mitigate the adverse impact of climate change.
The NWFE programme includes nine projects with an investment of $14.7 billion, as the energy pillar includes a megaproject to replace conventional power stations with facilities fuelled by renewable energy at a cost of $10 billion, according to the Minister of International Cooperation Rania El-Mashat.