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Egypt has achieved many economic breakthroughs: AfDB

Thursday 21/February/2019 - 12:47 PM
Sada El Balad
Edited By: Nada Moustafa
African Development Bank (AfDB) announced the results achieved by Egypt during the last period in a report issued on Thursday entitled “Building partnerships to make Egypt competitive and sustainable”. 

The report highlights Egypt’s remarkable successes in the five priority fields of the Bank: Energy، food، industry، increasing cooperation within Africa، and improving citizens' lives. 

Among the most fruitful results of the cooperation between AfDB and Egypt during the past years were the improvement and delivery of electricity services to 15 million Egyptians after adding 4،000 MW to the Egyptian electricity network، improving water management in 44،000 hectares of agricultural land، improving irrigation and drainage services in Upper Egypt and Delta، as well as Providing Financial support to more than 600،000 small and medium-sized enterprises، especially in Upper Egypt and Sinai.

The report hailed the efficiency of the projects supported by AfDB in Egypt، which encourages the Bank to continue and develop cooperation with other international development partners to help Egypt achieve its ambitious development agenda، attract private investment in addition to adopting innovative tools to support the Egyptian economy. 

According to the report، Egypt has achieved many economic breakthroughs، the most important of which its transformation into a regional energy center with a capacity exceeds 45 gigawatts، which is equivalent to one fifth of the total energy produced in Africa، in addition to attracting significant investments in the energy sector. 

The Bank contributes to funding many projects in both renewable and non-renewable energy fields، the report read.

The report praised Egypt's role in the development of agriculture، shedding light on Egypt's pioneering role in various regional economic integration initiatives and its sponsorship of the Free Trade Area Agreement with 43 other African countries in 2018، paving the way for a unified market for commodities and Services in Africa، a market includes 1.2 billion people.

Moreover، The report pointing out to the Bank contribution to improving the citizens’ live، through supporting 20 projects in social sector and investing in human element especially in Education and health fields.

Moreover، The ADFB assured that it will continue supporting Egypt to create more job opportunities، and enhancing economic growth. 

According to the report، the African Development Bank has financed more than 100 projects in Egypt and over the past decade has agreed to participate in funding of 42 projects worth more than $ 2.5 billion. The Bank's current portfolio in Egypt reaches $ 3 billion، distributed over 31 projects، the most important of which is supporting the government's economic and social program.

The report added that The African Development Bank (AFfDB) supported Egypt with a value of $ 1.5 billion over the past 3 years. The Bank's support greatly contributed to paving the way for a suitable investment environment in Egypt.


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