Egypt affirms support for the African Development Bank

Egypt has affirmed its strong support for the African Development Bank as a development partner and is committed to strengthening regional integration, the country’s Prime Minister, Mostafa Madbouly said during a meeting in Cairo with a Bank delegation.

Madbouly affirmed Egypt’s readiness to work with the African Development Bank. “We are working hard to strengthen our relationships with African nations and the African Development Bank is a very important partner,” the Prime Minister said.

During the four-day dialogue mission, the Bank delegation led by Khaled F. Sherif, African Development Bank Group Vice-President, Regional Development, Integration and Business Delivery, discussed the need for the country to develop value chains and processing facilities on the continent in order to reduce the export of raw goods, such as cotton, coffee, and cocoa, and to employ more Africans.

The Bank delegation, which included Egypt Country Manager Malinne Blomberg, Chief Country Economist Sara Bertin, and Principal Country Programme Officer Samuel Kamara, also examined the pipeline of Bank projects in the country, including opportunities to strengthen infrastructure such as energy, sanitation and transport, as well as skills for the workforce of the future.

The meetings underscored Bank support to the implementation of Egypt’s agenda under its Chairmanship of the AU. The Bank is particularly promoting the Continental Free Trade Agreement and regional integration on the continent. The Bank discussed deepening its support to Egypt’s national priorities for continued growth and employment, notably the energy and sanitation sectors, as well as higher education.

Discussions also focused on the establishment of a Guarantee Investment Fund announced by President Abdel Fattah El-Sisi at the Africa 2018 Forum in Sharm el Sheikh in December, to promote Egyptian outward investment in Sub-Saharan Africa.

Original source: AfDB
Image source: Flickr
Published on 14 March 2019