Minister of Investment and International Cooperation Sahar Nasr held a meeting with Leila Mokkadem, Resident Representative of the African Development Bank (AFDB) in Cairo, to discuss the latest developments of the cooperation strategy between Egypt and the AFDB.
The two sides discussed the latest developments in the $3bn strategy of cooperation between Egypt and the AFDB in the period from 2015 to 2019, which includes funding to support Egypt’s economic and social programmes with $1.5bn, in addition to the ongoing collaboration portfolio with a value of $1.5bn, to support infrastructure development projects, electricity, and small and medium-sized enterprises to create employment opportunities for young people.
The two sides discussed the $150m funding proposed by the AFDB for the Sewage Treatment Plant project in Abu Rawash in order to raise the standard of living of the citizens, as well as the final procedures of the signing of the $500m third tranche of the $1.5bn loan, which Egypt has already received the first 2 tranches worth $1bn.
Nasr stressed the need to expedite the implementation of various ongoing development projects in collaboration with the AFDB. Adding that the authorities’ top priority is to improve the investment environment, provide a better standard of living for citizens, and establish projects to provide job opportunities.