The African Development Bank will allocate US$700 million for the support of energy sector projects in Egypt, AfDB president Donald Kaberuka said in the inaugural of the 50th Annual Meeting of the bank.
AfDB is holding its 50th Annual Meeting of the bank in Abidjan, Côte d’Ivoire, from May 25-29.
President Kaberuka has expressed his hope for raising the bank’s support for the Egyptian energy sector up to US$1 billion soon.
Moreover, Kaberuka stressed AfDB’s strong ties with Egypt, which is the AfDB’s second-largest African shareholder, which accounts for 5.4% of its regional member countries’ share capital; it also ranks fourth among the Bank’s 69 global country membership.
Source: Amwal al-Ghad