AFDB participates in Egypt’s economic summit

The African Development Bank (AFDB) will participate in Egypt’s economic conference, which will take place on March 13-15 in Sharm El Sheikh, with a delegation led by its President Donald Kaberuka and Sector Operations Vice President Ali Abu Sabaa.
The Bank had decided to increase its cooperation programs with the Egyptian government in 2015 due to the country’s commitment to restoring economic stability and applying radical reforms, Bank Resident Representative in Egypt Laila Farah said.
The Bank has currently 29 projects in Egypt worth $1.89 billion: 79% of them in the energy sector, 12% in the financial sector, 4% in the water and drainage sector and 4% in the social sector, she said.
In 2015, the Bank will offer Egypt programs at a total value of $450 million to fund four vital projects: Sharm El Sheikh airport, a power station in Damanhur (Beheira), a sewage treatment plant in Abu Rawash (Giza) and a wind-operated energy farm in the Gulf of Suez, she added.