The Board of Directors of the African Development Bank Group has approved Egypt’s Country Strategy Paper for the period 2022-2026.
Under the new strategy, the Bank will be guided by the priorities of the country’s National Development Plan, also known as Egypt’s Vision 2030, and its Government Action Program 2023-2027. The objective is to support the country’s efforts to build a competitive and resilient economy.
The new strategy builds on the results and lessons of the previous 2015-2021 strategy paper, which helped develop the country’s infrastructure and improve the business environment, promoting sustainable and inclusive growth.
The new strategy defines two priority areas: strengthening Egypt’s competitiveness to support strong private sector-led growth and job creation. The second focuses on building resilience to ensure food and water security and energy efficiency. The Bank’s support will target the industry, transport, water and energy sectors.
Egypt’s Minister for International Cooperation, Dr. Rania A. Al-Mashat, welcomed the new national strategy document, which she said is the result of extensive consultations with stakeholders and relevant entities.
“Our new strategy with the Bank revolves around strengthening private sector engagement to increase employment opportunities and support inclusive and sustainable growth through food and water security and energy efficiency; all in line with our national priorities,” Minister Al-Mashat said.
She added: “With a total portfolio of over $6.74 billion, including $1.1 billion dedicated to the private sector, the African Development Bank has been one of Egypt’s main partners since 1974. Our long-standing partnership is reflected in a diversified portfolio, covering the development of different priority sectors.
Like many other countries, Egypt has been affected by the Covid-19 pandemic and the war in Ukraine.
“The Egyptian economy has shown resilience thanks to a timely and prudent policy response to the Covid-19 crisis, thanks to government and central bank interventions,” said Mohamed El Azizi, Managing Director of the African Bank. development for North Africa.
“We also commend the Egyptian authorities for the swift steps taken to mitigate the economic effects of the Russian-Ukrainian conflict. We will continue to help Egypt embark on a more resilient and sustainable development path,” he said.
Egypt adopted an ambitious reform program in 2016 to restore macroeconomic balance. The country is committed to implementing structural reforms that will help improve the quality of life of its citizens.
The Bank is also supporting the country’s efforts to tackle climate change, an issue of global concern ahead of the 2022 UN Climate Change Conference (COP27), which Egypt is due to host in November. The Bank supports environmental and social initiatives to improve climate change adaptation and mitigation, and to help the private sector play a greater role in creating green jobs and developing renewable opportunities.
As part of its strategic framework on climate change and green growth, launched at COP26 in Glasgow, the Bank is also seeking to strengthen Egypt’s access to global climate and environment-related funds.