Global Arab Network | Egypt: billion from African Development Bank to finance 12 development projects

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Egypt: $3 billion from African Development Bank to finance 12 development projects

Sunday, 16 January 2011 18:37

Egyptian Minister of International Cooperation Fayza Abul-Naga revealed on Saturday that preparations are underway for 12 projects through coordination with the African Development Bank (ADB) at a proposed total investment cost of $3.1 billion during the next three years, Global Arab Network reports according to SIS.

“There are other 12 projects being carried out through a total $1.9 billion investments in cooperation between Egypt and the ADB,” she said.

Abul-Naga noted that the ADB is one of Egypt’s most important development partners now that relations with it date back to 1974, adding the Egypt is the second largest African contributor to the bank’s capital.

Abul-Naga has lauded the key role of the African Development Bank (ADB) in supporting the development march in Egypt .

In press statement, Abul-Naga said that relations between Egypt and the ADB go back to 1974. Egypt is the second major shareholder in the capital of the ADB.

The ADB participated in funding 60 projects with $ 4.5 billion, she said. Egypt benefited from soft loans granted via different initiatives sponsored by the ADB, Abul-Naga added.

On Wednesday, Abul-Naga and the Bank inked a one-million-dollar loan agreement to be used in implementing an economic development project to boost small farmers' income to be carried out by the Social Fund for Development.

This project is to benefit some 4,800 small agricultural firms and 20,000 very small projects.

Global Arab Network

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Last Updated on Sunday, 16 January 2011 18:54

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