Within the framework of the directives of President Abdel Fattah El-Sisi – President of the Arab Republic of Egypt, to enhance cooperation with African countries in all fields, foremost of which is economic cooperation, Egypt, represented by the Central Bank of Egypt, signed a memorandum of understanding with the African Development Bank Group, to host the annual meetings of the group during the period from 22 to 22 May 26, 2023 in Sharm El Sheikh.
The agreement was signed on behalf of Egypt by Hassan Abdullah, Governor of the Central Bank of Egypt, and on behalf of the African Development Bank Group, Vincent Enmimiala, Secretary General of the group, in the presence of Ahmed Zayed – Executive Director of Egypt and Djibouti at the African Development Bank Group and Dean of the Board of Directors of the Bank Group.
Hassan Abdullah, Governor of the Central Bank of Egypt, stated that “Egypt’s hosting of the annual meetings of the African Development Bank group comes within the framework of the Egyptian state’s keenness to stimulate African integration and provide the soft funds necessary to support African economies, especially in light of the external challenges facing the continent and the world at large, which It increases the importance of the leading role played by the group as the main financing institution concerned with the development of the African continent.”
For his part, Vincent Enmiela, Secretary General of the African Development Bank Group, said, “The great capabilities that Egypt possesses enables it to meet the standard quality standards and provide all the necessary requirements to host the annual meetings of the Development Bank Group,” adding: “We look forward to holding the annual meetings in May next year.” We will continue to work together with absolute sincerity and commitment for the success of these meetings, supporting us in achieving our mission and goals by stimulating sustainable economic development and social progress in Africa, and thus improving the lives of African people.”
It should be noted that Egypt is one of the three largest contributors to the capital of the African Development Bank at the level of all 81 member states. Egypt is also one of only three African countries that contribute to the resources of the African Development Fund, which aims to develop low-income African countries. The size of the total cooperation portfolio between Egypt and the African Development Bank, since the start of development cooperation between the two partners in 1974, amounted to nearly $7 billion, which contributed to the financing of many important development projects in Egypt in addition to continental connectivity projects. As for the current portfolio, it amounts to about $1.37 billion to finance 25 projects in the public and private sectors in many areas, including energy, transportation, agriculture, water, irrigation and sanitation, and entrepreneurship.
Egypt assumed the presidency of the Board of Governors of the African Development Bank for the period from May 2022 until May 2023, during the annual meetings of the Bank Group for the year 2022, which were held in the Ghanaian capital, Accra.