Consultations between Egypt’s Ministry of Cooperation and African Development Bank AFDB launched this week with the aim of creating the country strategy for the next 5 years from 2022-2026.
Egypt and AFDB had signed a strategy for 2015-2021 cooperation that came with reform programs. The programs had great results for the Egyptian economy including controlling inflation rates and reducing debt.
The bank recently announced that 15% of its lending will be allocated for regional integration, general capital increase and more involvement of private sector.
Egypt is one of the countries that founded AFDB and has a cooperation portfolio with the bank reaching up to $6.7 billion for 107 development projects across different sectors including the private sectors. In general, the AFDB cooperates on projects in sanitation, entrepreneurship and waste management, renewable energy and similar development projects.
It is worth noting that the Egyptian Ministry of International Cooperation had signed in 2021 an agreement with AFDB worth $126 million for sanitation development in Luxor; as well as another agreement for railway safety worth $168 million.