This falls under the Egypt’s Nexus for Water, Food and Energy (NWFE) program that originally had a target of $1.4 billion.
The African Development Bank (AfDB) raises $2.2 billion to improve Egypt’s water security under the Egypt’s Nexus for Water, Food and Energy (NWFE) program that originally had a target of $1.4 billion, the AfDB president Akinwumi Adesina stated.
Adesina announced that the money will support desalination and water treatment plants for agriculture. This was during his speech at the bank’s annual meetings currently taking place in Sharm El Sheikh. The afDB’s annual meetings are taking place until the 26th of May.
Egypt’s Prime Minister Mostafa Madbouly participated in a high-level presidential dialogue session on the evolving global financial system and the role of multilateral development institutions in the annual meetings.
During the session, Madbouly emphasized the importance of bridging financing gaps in Africa and that the international community must prioritize Africa and its development projects, at least within the next decade or two, in all development projects.