A delegation from the Arab Republic of Egypt, headed by Mr. Hassan Abdullah, Governor of the Central Bank of Egypt and Governor of Egypt at the African Development Bank Group, and Dr. Rania Al-Mashat, Minister of International Cooperation and Alternate Governor for Egypt at the African Development Bank, and Mr. Tarek El-Kholy, Deputy Governor of the Central Bank, participated in the 59th session of the group's annual meetings, which are being held in the Kenyan capital, Nairobi, from May 27 to 31, under the slogan "Transforming Africa, the African Development Bank Group, and Reforming the Global Financial System," which coincides with the 60th anniversary of the bank's establishment in 1964.
The participation of the Arab Republic of Egypt's delegation comes within the framework of keenness to strengthen the bonds of cooperation with fraternal African countries, as well as joint relations with key development partners. The African Development Bank Group meetings represent a good opportunity for participants to discuss current economic issues, exchange experiences, and propose innovative financing solutions that enhance development efforts in the African continent.
The meetings of the bank group are attended by central bank governors and finance ministers from the regional and non-regional member countries, totaling 81 countries, with the aim of discussing and exchanging views on various issues and items related to the activities and governance of the African Development Bank and ways to improve its performance. On the sidelines of these meetings, some events and seminars are held, with the participation of representatives from development partners and a select group of academics and private sector investors interested in African affairs and developmental issues on the continent.
On this occasion, Mr. Hassan Abdullah, Governor of the Central Bank of Egypt, was keen to extend his congratulations to the Board of Governors of the African Development Bank Group on the occasion of the 60th anniversary of the group's establishment, praising the pivotal role played by the bank in serving the development priorities of the African continent.
In a related context, the Governor commended the theme of this year's meetings: "Transforming Africa, the African Development Bank Group, and Reforming the Global Financial System," expressing his anticipation for the outcomes and decisions that will emerge from them, especially with regard to mechanisms for dealing with development obstacles, at the forefront of which are climate change and inequality problems. His Excellency called for work to mobilize long-term sustainable financing to address these challenges. The Governor emphasized the importance of attracting more private capital, noting that among the tools that the African Development Bank Group can resort to mobilize private sector financing is diversifying its instruments towards guarantees and risk-sharing agreements, in order to reduce the risks of African economies.
Dr. Rania Al-Mashat, Minister of International Cooperation and Alternate Governor for Egypt at the African Development Bank Group, affirmed the importance of this edition of the meetings and the steps being taken by the bank, as one of the multilateral development banks, to increase capital, focusing on the multiple tools it provides to governments and also expanding the scope of cooperation with the private sector through important and effective tools to guarantee risks and reduce the cost of credit.
Egypt is the third largest contributor to the capital of the African Development Bank among all 81 member countries, and one of only six African donor countries to the African Development Fund. The cooperation portfolio between Egypt and the African Development Bank amounts to about 7 billion dollars since 1974, which has included financing many important development projects in various fields for the public and private sectors in Egypt, including energy, transportation, agriculture, water, irrigation, sanitation and entrepreneurship. These meetings come after the previous edition organized by the Central Bank of Egypt and hosted by the city of Sharm El Sheikh.
It is worth noting that the African Development Bank is the leading regional institution in supporting the efforts of African governments to enhance development priorities and improve the living standards of the continent's citizens. This is achieved by focusing on five main pillars, focusing on five main axes, which include lighting up Africa and providing it with energy, improving its manufacturing capabilities, as well as achieving integration between the continent's countries and improving the quality of life of its people. Additionally, the bank undertakes numerous initiatives that align with the Sustainable Development Goals and the African Union's Agenda 2063.