Egypt wins generous assistance from African Development Bank
The African Development Bank has decided to invest $1.67 billion in Egypt over the coming three years, reported Elakhbar—of which $563 million will be allocated to financing projects in both the private and public sectors during 2001.
To further its involvement in Egypt, a delegation from the African Development Bank will travel to the country in February. Its purpose will be to identify projects to be funded by the bank, which it will do together with representatives of the Egyptian government and the private sector.
According to the bank’s regional director, Mohammed Ahmedoush, the bank provided $124 million in financing to three private projects in Egypt in 2000. This included a $59 million loan for an iron and steel project in Alexandria, a $50 million credit line to the British-Egyptian Trade Bank and a $14 million loan to establishing a tourism project in Hurghada.
Also, said Ahmedoush, in order to advance Egypt’s trade with other African countries, the African Development Bank recently invested $750 million in a new export-financing corporation, which will be based in Cairo.
The African Development Bank was established in 1964 and started functioning in 1966, with its Headquarters in Abidjan in the Ivory Coast. Its shareholders include the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia.
The Bank's main functions are: to make loans and equity investments for the economic and social advancement of member countries; to provide technical assistance for the preparation and execution of development projects and programs; to promote investment of public and private capital for development purposes; and to respond to requests for assistance in coordinating development policies and plans of the different countries involved.
The bank's operations place special emphasis on agriculture, public utilities, transport, industry, the social sectors of health and education, with financing designed to support specific projects. The bank also provides program, sector, and policy-based loans to enhance national economic management. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)