Dr. Rania Al-Mashat expresses gratitude to the Bank President for supporting Egypt’s partnership over the past 10 years
Al-Mashat:
Our partnership with the African Development Bank is strong and focused on empowering the private sector and supporting economic development efforts.
We look forward to expanding financial tools available to both local and foreign private sector players in Egypt.
Egypt is committed to strengthening its relationship with the African Development Bank to foster continental integration.
President of the African Development Bank praises H.E. President Abdel Fattah El-Sisi’s leadership in promoting development and integration across Africa
Egypt has become a model for reform policies that encourage private sector participation, particularly in the energy sector
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, received H.E. Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) Group, during his visit to Egypt.
The visit reflects the strategic relationship between the Arab Republic of Egypt and the AfDB, and the ongoing partnerships to support efforts to achieve sustainable development and integration among the countries of the African continent.
The meeting was attended by Ambassador Jalel Trabelsi, the Special Envoy of the AfDB President for MENA and Gulf Region; Mr. Mohamed El Azizi, the AfDB Regional Director General for North Africa; and Mr. Abdourahmane Diaw, the Bank's Country Manager in Egypt.
H.E. Minister Al-Mashat highlighted the pivotal relations between Egypt and the AfDB, and Egypt's appreciation for the partnership. This was emphasized by H.E. President Abdel Fattah El-Sisi’s meeting with Dr. Adesina, where H.E. President El-Sisi affirmed the Bank’s vital role in fostering regional integration and enhancing Africa’s global competitiveness through supporting national economies of various countries.
H.E. Dr. Rania Al-Mashat expressed gratitude to the AfDB President for his support of the partnership with Egypt at various levels over the past 10 years, including Egypt's hosting of the Bank's Annual Meetings in 2023. She wished him success in the next phase following the end of his term as President of the Bank.
H.E. Minister Al-Mashat reiterated that Egypt views its relations with the African Development Bank as a strong catalyst for empowering the private sector. The Minister noted that she’s looking forward to expanding financing mechanisms and tools provided by the Bank in the coming period to boost domestic and foreign investments in Egypt.
H.E. Dr. Al-Mashat commended the partnership with the AfDB in the water pillar of the Country Platform for the "NWFE" program, where the Bank made distinguished efforts in mobilizing finance from its own resources and from partners. She noted the cooperation on renewable energy-powered desalination projects, among other projects. Furthermore, the Bank provided a guarantee of $345 million in 2023 for Egypt to issue the first sustainable Panda bonds in Africa worth 3.5 billion Chinese Yuan, equivalent to $478 million, which contributes to diversifying the country's sources of financing.
H.E. Dr. Al-Mashat highlighted the role of the Ministry of Planning, Economic Development and International Cooperation in driving sustainable growth following the merger of the two ministries. She underscored the Ministry's efforts to prepare a "National Narrative for Economic Development" to stimulate sustainable growth and maximize the use of local and foreign resources.
H.E. Minister Al-Mashat also noted the role of the Ministerial Group for Entrepreneurship in supporting the business environment in Egypt. She valued the active participation of the AfDB in the entrepreneurship sector in Egypt and its continuous support, and mentioned the latest developments related to the National Structural Reform Program.
For his part, H.E. Dr. Akinwumi Adesina, President of the AfDB, expressed his appreciation for Egypt’s relationship with the Bank and his pleasure in this visit and meeting with H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt. He praised H.E. President El-Sisi's efforts and his leadership in advancing Africa’s development, and expressed admiration for Egypt’s New Administrative Capital, calling it a significant leap in world-class infrastructure.
He also expressed his pride in the partnership to mobilize development financing for the implementation of water pillar projects within the "NWFE" program, praising the role of H.E. Dr. Rania Al-Mashat in launching the "NWFE" program. He explained that the partnership between the Bank and Egypt began in 1974 but has developed significantly.
He continued, "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."
At the conclusion of the meeting, the two sides signed a financing agreement for the fourth phase of the Abu Rawash wastewater treatment plant. This phase aims to increase the treatment capacity of the plant from 1.6 million cubic meters per day to 2.0 million cubic meters per day. The project will benefit the residents of Giza Governorate, which has a population of 8.6 million, and the governorate will witness an improvement in health infrastructure, public health, and environmental quality, in addition to 2 million other people, thus opening new opportunities for agriculture, environmental protection, and job creation.
It is worth noting that the AfDB Group began its operations in Egypt in 1974, and the total sovereign cooperation portfolio has reached more than $7.79 billion through 128 operations. The total non-sovereign cooperation portfolio has reached more than $1.1 billion in 14 private sector operations.