Egypt: AfDB Supports Efforts by Egypt's International Cooperation Ministry and Development Partners to promote private sector development
Through its private sector window and Egypt's International Development Ministry, the African Development Bank (AfDB) Group will be organizing a private sector seminar in the country. The seminar will be held on the theme: "Financing Options and Opportunities". The event will take place on February 18, 2008, at the Grand Hyatt Hotel in Cairo, Egypt.
The seminar's objectives include (i) sharing good practices to promote private sector development in Egypt; (ii) promoting a better understanding among Egyptian private sector players and their public sector partners; (iii) reviewing priority sectors identified by Egyptian authorities for private sector investment and (iv) discussing potential private sector business opportunities.
AfDB Private Sector Director, Tim Turner, who will present the Bank Group’s private sector strategy and financial products at the seminar, said he expected that "at the end of the seminar, participants should be familiar with the guiding principles and Bank Group private sector financing criteria." Other Egyptian development partners will also present their private sector products and services.
The event will bring together some 150 participants ranging Egyptian decision-makers, governmental organizations, commercial banks and business associations representatives to entrepreneurs.
The AfDB began operations in Egypt in 1974. To date, its commitments in the country stand at about US$ 3.73 billion in 50 operations.
Recent Bank Group operations include a US$ 500 million loan to the country in July 2006 for comprehensive structural and financial reforms initiated by the country's government. This was the highest amount ever approved by the AfDB for any of its regional member countries. In December 2007, the private sector arm of the AfDB approved a US$ 150 million loan to Damietta Container Terminal located in the country's Mediterranean coast.