Announced by Governor of the Central Bank of Egypt, Tarek Amer, the meetings will be held on 22-26 of May 2023 in Sharm El-Sheikh City
Egypt was unanimously approved to become the host of the upcoming annual meetings of the African Development Bank Group (AfDB), showcasing Egypt’s strong relations with the African Development Bank Group (AfDB).
Announced by Governor of the Central Bank of Egypt, also Governor of Egypt at the African Development Bank Group (AfDB), Tarek Amer, the meetings will be held on 22-26 of May 2023 in Sharm El-Sheikh City.
Amer pointed out that the strategic partnership with AfDB is based on joint cooperation towards Egypt’s sustainable development strategy, as well as enhancing and deepening the internal mutual African cooperation, while providing the necessary funds to finance the continent’s development agenda.
Related > Egypt and AfDB meet to discuss 2022-2016 strategy and boost bilateral cooperation
Representative of Egypt and Djibouti on the board of directors of the African Development Bank, Ahmed Zayed, said that Egypt has succeeded in an unprecedented way in meeting and conforming to all the specifications and standards of the bank to host the annual meetings, which is a testimony of success for the efforts of the Egyptian state to develop the infrastructure in Egypt and achieve political and economic stability.
Amer affirmed in a statement that Egypt's aspiration to host these important meetings, praising the historical relationship between Egypt and the African Development Bank, as Egypt is one of its founding countries in the 1960s.
The Egypt-AfDB portfolio is currently at $1 billion, used in 22 projects in both the private and public sectors, and operating in a number of fields and industries, including; energy, transportation, agriculture, water and irrigation, sewage, and entrepreneurship.
The partnership has aggregated over $6.4 billion since the start of their partnership in 1974, funding several major developmental projects in Egypt.
Egypt is Africa’s second biggest shareholder in the African Development bank’s Capital, and the third on the level of all 81 member states. Egypt is also one of only three African countries that contributes in the African Development fund, which aims at the development of Low-Income African countries.
