Egypt’s Minister of Planning, Economic Development and InternationalCooperation, Rania Al-Mashat, met with African Development Bank (AfDB) Group President Akinwumi Adesina during his visit to Egypt to discuss strengthening their strategic relationship and supporting sustainable development.
Al-Mashat expressed gratitude for Adesina’s support of the partnership over the past decade and emphasised Egypt’s commitment to empowering the private sector and fostering continental integration through its collaboration with the AfDB. “Our partnership with the African Development Bank is strong and focused on empowering the private sector and supporting economic development efforts,” Dr. Al-Mashat stated. “We look forward to expanding financial tools available to both local and foreign private sector players in Egypt.”
The meeting, attended by AfDB officials including Special Envoy Ambassador Jalel Trabelsi, Regional Director General Mohamed El Azizi, and Country Manager Abdourahmane Diaw, highlighted Egypt’s appreciation for the bank’s role. Al-Mashat noted President Abdel Fattah Al-Sisi’s recent meeting with Adesina, where President Al-Sisi affirmed the AfDB’s vital role in regional integration and enhancing Africa’s global competitiveness.
Al-Mashat commended the AfDB’s partnership in the water pillar of Egypt’s “NWFE” (Nexus of Water, Food and Energy) programme, where the bank mobilised finance for projects including renewable energy-powered desalination. She also noted the AfDB’s $345m guarantee in 2023 for Egypt’s first sustainable Panda bonds issue, worth 3.5bn Chinese Yuan (approx. $478m), which helps diversify financing sources.
The minister outlined her ministry’s efforts in preparing a “National Narrative for Economic Development” to stimulate sustainable growth and maximise resources, and highlighted the role of the Ministerial Group for Entrepreneurship in supporting Egypt’s business environment and the AfDB’s active participation in this sector.
Adesina praised Egypt’s relationship with the bank and President Al-Sisi’s leadership in advancing Africa’s development. He expressed admiration for Egypt’s New Administrative Capital, calling it a “significant leap in world-class infrastructure.” He highlighted the developed partnership since 1974, stating, “We have implemented ambitious financing operations in Egypt, especially in the energy sector and others, in light of the reforms undertaken by the state, which encourages foreign direct investment. I always cite Egypt as an example of its ability to implement these reforms that open the door for private sector participation, to launch pioneering project models such as the ‘Benban’ solar power complex, multiple wind energy projects, as well as water desalination and treatment projects.”
The meeting concluded with the signing of a financing agreement for the fourth phase of the Abu Rawash wastewater treatment plant. This phase aims to increase the plant’s treatment capacity from 1.6m cubic metres per day to 2.0m cubic metres per day, benefiting the 8.6m residents of Giza Governorate and an additional 2m people through improved health infrastructure, public health, environmental quality, and new opportunities in agriculture and job creation.
The AfDB Group began operations in Egypt in 1974. Its total sovereign cooperation portfolio has reached over $7.79bn through 128 operations, while the non-sovereign portfolio exceeds $1.1bn in 14 private sector operations.
