7 June 2018

Egypt: Qabil - African Development Bank to Pump New Investments in Egypt

Tarek Qabil, the Minister of Trade and Industry in the caretaker government, Wednesday asserted the key role played by the African Development Bank in supporting measures to facilitate business and enhance the role played by the private sector in the national economy.

During a meeting with Malini Bloemberg, the Country Director of the African Development Bank in Egypt, Qabil said the coming period will witness new projects by the bank in Egypt in the fields of energy and renewable energy, agricultural industry and industrial projects.

The bank seeks to enhance cooperation with the government and the private sector in Egypt in the fields of developing policies and stock markets, he added.

He pointed out to the potential establishment of cooperation ventures between the bank and Egyptian investors in Africa particularly in COMESA and central and western Africa states.

Bloemberg asserted the bank's keenness on expanding cooperation programs with the government and the private sector in Egypt in the coming phase.

The bank seeks to play an active role in improving entrepreneurship programs which are currently adopted by the Egyptian government, she said.

The bank will provide this year huge funding programs for a number of investment projects in Egypt, she also said, adding that 90% of the bank's funding portfolio is allocated to government projects.

The bank is currently operating in Egypt in a number of large projects in the fields of energy, solar energy, sanitation, economy, financial governance, developing local capital market, building statistical potentials and programs supporting small and medium-sized enterprises along with human development ones, she added.

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