Egypt Economic Development Conference: Important AfDB delegation reinforces Bank’s support for Egypt

12/03/2015
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The African Development Bank (AfDB) is actively participating in the Egypt Economic Development Conference (EEDC), which kicks off Friday, March 13, 2015 in Sharm el-Sheikh. The international forum aims to showcase the investment opportunities offered by different key sectors of the Egyptian economy – electricity and renewable energies, water and sanitation, oil and minerals, transport, agriculture and tourism.

The African Development Bank (AfDB) is taking part in the event, which runs till Sunday, March 15, to promote the growth of Egypt, one of its founder members. The Bank delegation, led by Aly Abou-Sabaa, Vice-President of Sector Operations (Agriculture and Agro-Industry, Human Development, Governance, Water and Sanitation), will include Solomon Asamoah, AfDB Vice-President responsible for Infrastructure, the Private Sector and Regional Integration; AfDB Resident Representative in Egypt, Leïla Mokaddem; Samy Zaghloul, AfDB Executive Director for Egypt; Jacob Kolster, Regional Director for North Africa; and Tas Anvaripour, Director of the Africa50 infrastructure fund.

Active in Egypt since 1974, the Bank has financed and conducted more than 100 operationstotalling US $5.9 billion in the key sectors of energy, finance, water and sanitation and agriculture. By participating in the EEDC, the Bank intends to reiterate its commitment to support the efforts the country is making to towards inclusive growth and human development. It is doing this at a time when it is working on finalising its Country Strategy Paper (CSP) for 2015-2019. The CSP document is in line with the Government’s new economic reform programme, launched in July 2014 and whose effects are starting to show: growth should reach 3.3 per cent in 2015, against 2.5 per cent in 2014, while the budget deficit should be 10 per cent this year, against 12 per cent in 2014.

More than 1,000 public figures – Egyptian ministers and top officials, directors of multilateral development banks and financial institutions, CEOs of major private groups, speakers and renowned experts, and development partners – are expected at the EEDC, under the aegis of the Egyptian Government.