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Egypt - Country Strategy Paper 2015 - 2019
The African Development Bank has a privileged partnership with the Government of Egypt (GoE), its second largest regional shareholder and third client in terms of cumulative historical approvals. The last full Country Strategy Paper (CSP) covered the period 2007-2011. It was superseded by an interim CSP in 2012 (ICSP 2012-2013), which was subsequently extended to July 2015 to ensure continuity of the Bank’s engagement during the transition period. Because of the Bank’s own exposure to North Africa and numerous downgrades of Egypt’s sovereign rating, the Bank was not able to lend to Egypt during the I-CSP period up to 2014 and provided mainly grant-based support. The Bank was able to resume lending in 2015 thanks to an alleviation of its lending constraints.