On 01/01/1974 , African Development Bank has started to cooperate with Egypt.
The objective of ADB, established as a multilateral regional bank in 1964, is to sustain economic and social development in African countries by financing development projects and providing technical assistance. ADB’s permanent headquarter is based in Abidjan, Cote d’Ivoire but is temporarily located in Tunisia. ADB’s initial capital was USD 250 million, to reach USD 100 billion in May 2010 after introducing the sixth capital increase, while its member states are currently 78 (53 are African states).
The Bank Group comprises the African Development Bank (ADB), the African Development Fund (ADF) and Nigeria Trust Fund (NTF). Since some countries are no longer enlisted among poor-income-states, i.e. they can no longer benefit from ADF, the Bank Group established the Technical Assistant Fund (TAF) for Middle Income Countries (MIC), which provides grants for the provision of technical and institutional support and conducting feasibility studies for the execution of projects.
In addition to the above, member states are provided grants by other funds (financed by other grantors) for implementing projects in the fields of water resources and irrigation: African Water Facility, infrastructure: NEPAD Infrastructure Project Preparation Facility, facilitating trade: Aid for Trade Trust Fund and health: Health in Africa Fund and others.
Egypt supported the establishment of the Bank from the very beginning, as it was among the first signatories of its incorporation agreement and it became a member state in 1964. Egypt’s current share in the Bank’s authorized capital is 1.677 billion, i.e. it owns 5.1%, and is thereby ranked as the second state among regional member states (after Nigeria) in terms of its number of shares and voting power.
Since the very beginning of its operations in Egypt in 1974, ADB has contributed to financing around 90 development projects with a total sum of over USD 5 billion. The current cooperation portfolio with ADB includes 18 projects and studies financed by loans (approximately USD 1.7 billion) and grants (approximately USD 16 million)