Egypt reaffirms commitment to African cooperation at AfDB Meetings

Daily News Egypt
3 Min Read

An Egyptian delegation, led by Central Bank of Egypt Governor Hassan Abdalla, Minister of International Cooperation Rania Al-Mashat, and Deputy Governor Tarek El-Kholy, participated in the 59th annual meetings of the African Development Bank Group (AfDB) in Nairobi, Kenya, reaffirming the North African nation’s commitment to intra-continental cooperation.

The meetings, held from May 27 to 31 under the theme “Transforming Africa, the African Development Bank Group, and Reforming the Global Financial System,” coincided with the 60th anniversary of the bank’s establishment.

Egypt’s participation underscored its commitment to strengthening cooperation with African nations and key development partners. The AfDB meetings provided a platform for discussing economic challenges, exchanging experiences, and proposing innovative financing solutions for the continent.

The meetings were attended by central bank governors and finance ministers from 81 regional and non-regional member countries.

Discussions focused on the AfDB’s activities, governance, and ways to improve its performance. Several events and seminars were held on the sidelines, featuring representatives from development partners, academics, and private-sector investors interested in African affairs.

Abdalla congratulated the AfDB Board of Governors on the bank’s 60th anniversary, praising its pivotal role in serving Africa’s development priorities.

He expressed optimism about the outcomes of the meetings, particularly regarding mechanisms for addressing development obstacles such as climate change and inequality. Abdalla called for the mobilization of long-term sustainable financing and highlighted the importance of attracting private capital, suggesting that the AfDB could diversify its instruments towards guarantees and risk-sharing agreements to reduce risks associated with African economies.

Al-Mashat affirmed the significance of the meetings and the bank’s steps to increase capital. She emphasized the importance of the bank’s multiple tools for governments and its expanded cooperation with the private sector through risk guarantees and credit cost reduction measures.

Egypt is the third-largest contributor to the AfDB’s capital and one of six African donor countries to the African Development Fund. The cooperation portfolio between Egypt and the AfDB has amounted to approximately $7bn since 1974, financing numerous development projects in sectors including energy, transportation, agriculture, water, irrigation, sanitation, and entrepreneurship. These meetings follow the previous edition hosted by the Central Bank of Egypt in Sharm El Sheikh.

The AfDB is a leading regional institution supporting African governments’ efforts to enhance development and improve living standards. It focuses on five main pillars: providing energy, improving manufacturing capabilities, achieving regional integration, enhancing the quality of life, and mobilizing finance. The bank also undertakes various initiatives aligned with the Sustainable Development Goals and the African Union’s Agenda 2063.

 

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