H.E. Dr. Rania A. Al-Mashat, Minister of Planning and Economic Development and International Cooperation, met with Dr. Khaled Sherif,  Executive Director for Egypt and Djibouti at the Board of Directors of the African Development Bank (AfDB). The meeting discussed the developments in the implementation of the country strategy with the Bank until 2026, preparations for the Bank's annual meetings scheduled for next May, which will witness the election of the new Bank President, and the impact of global economic developments on the role of multilateral development banks in supporting development in developing and emerging countries.

During the meeting, the Minister of Planning and Economic Development and International Cooperation emphasized the strong relations between the Arab Republic of Egypt and the AfDB over the past decades. H.E. Dr. Al-Mahat explained that through the country strategy being implemented with the Bank until 2026, work is being done on several axes to enhance the country's competitiveness to support strong private sector-led growth, job creation, and build resilience to achieve food and water security and energy efficiency.

H.E. Minister Al-Mashat touched on the diversity of areas of cooperation with the AfDB, led by the Bank's leadership of the water pillar in the country platform of the "NWFE" program to mobilize funding from multilateral and bilateral development partners to implement water projects that enhance mitigation and adaptation efforts to climate change, as well as the vital role played by the Bank in financing the local and foreign private sector.

H.E. Dr. Al-Mashat mentioned that Egypt is the second largest country in terms of shares and voting rights among regional countries in the Bank, coming after Nigeria in this regard, and it ranks third among all member states after the United States and Nigeria, which gives it a significant influence in making the Bank's strategic decisions.

Last October, the House of Representatives approved Presidential Decree No. 374 of 2024 regarding the approval of "Egypt's subscription to the African Development Bank with 19,917 shares worth $17.04 million, consolidating Egypt's position with the Bank, which extends for more than 60 years since its establishment, considering Egypt as one of the founding countries of this Bank and the second largest regional contributor to its capital.

The meeting discussed the upcoming elections for the presidency of the African Development Bank, reviewed the list of candidates for this position, and the arrangements for the African Development Bank Group's annual meetings scheduled for May 26-30, 2025, in Abidjan, Côte d'Ivoire.

H.E. Minister Al-Mashat stressed the importance of strengthening cooperation between Egypt and the AfDB to serve sustainable economic development in the African region and support its financial and economic stability.

The meeting included a discussion of current global developments and their impact on development work in general and the work of the AfDB Group in particular, in addition to formulating scenarios to deal with them in a way that seeks to protect Egypt's national and regional goals and enhance its regional role in the continent.