AfDB funds 50 projects in Egypt worth of $3.3bn in 4 years

Hagar Omran
1 Min Read

The African Development Bank (AfDB) financed about 50 projects, valued at $3.3bn under the current 2015-2019 country strategy, the bank’s Country Manager for Egypt, Malinne Blomberg, said.

She added that, “Our funds are directed to spanning various sectors including energy, economic governance, water supply and sanitation, agriculture, social and technical assistance, and capacity building.”

The operations that the bank supports contribute to Egypt’s economic progress, Blomberg noted, during her speech at a two-day workshop that the AfDB jointly held recently with the ministry of investment and international cooperation.

The macroeconomic stabilisation achieved over the past few years helped in pushing the partnered projects forward, Blomberg confirmed.

“Egypt possesses the necessary key strengths that, if optimally benefitted from, will take the country’s industry and trade to new levels. The high youth population constitutes a sizeable domestic market and offers a low-cost labour force,” Blomberg highlighted.

Under its partnership with Egypt, the bank continues broadening its interventions for competitive, inclusive, and sustainable growth, Blomberg said, stressing the necessity of increasing the private sector’s role to be able to achieve the country’s targets.

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