African Development Bank’s Press Statement on Egypt
Egypt, one of the Bank’s largest clients and shareholder is entering a critical part of its recent history through a delicate political transition. The success of which transition is key to a brighter future.
As Egypt embarks on that process, the Bank alongside all Egypt’s friends and partners stands ready to engage fully with the Egyptian people to assist the country to deal with its immediate challenges.
Egypt has in the last few years enjoyed strong economic growth and weathered the global economic crisis. But social inequalities had worsened and the upheavals have necessarily led to a marked slow- down of the economy.
It is clear that country’s fiscus will be under pressure from a contracting economy and the need to respond to the aspirations of the population. In light of this situation, the Bank, a key partner for Egypt, is poised to provide support.
In conclusion, the Bank within its mandate, policies and means stands ready to assist the country to minimize risks and to maximize opportunities as Egypt enters a new era with much promise for its people.