Egypt and African Development Bank launch new Country Strategy 2022-26 at Egypt-ICF

The Egyptian Ministry of International Cooperation and the African Development Bank (AfDB) on Thursday launched the new country strategy 2022-2026 on the sidelines of the Egypt-International Cooperation Forum (Egypt-ICF 2022).

The launch ceremony saw the participation of the Minister of Environment, Yasmine Fouad, Kevin Orama, Vice President of the African Development Bank for Economic Governance and Knowledge, Sherif El-Gabali, Member of the House of Representatives and Vice-Chair of the African Affairs Committee. , and Kevin Kariuki, African Development Bank Vice President for Energy and Green Growth.

The AfDB Board of Directors approved the strategy in June, which is the result of an inclusive decision-making process and close collaboration with various stakeholders led by the Ministry of International Cooperation, including the Egyptian authorities, the development partners, the private sector and civil society.

With a deeper understanding of the national political context, the new country strategy builds on the achievements and lessons learned from previous strategies and strengthens cooperation between the Bank and the Egyptian government over five years.

The main objectives of the CSP 2022-2026 with the African Development Bank are gender-responsive climate action, improving climate-smart agricultural practices and increasing renewable energy generation capacity.

“From the outset, I am pleased to express my sincere appreciation and gratitude to all of you here today to celebrate the launch of the new AfDB Country Strategy Paper for Egypt 2022-2026. The African Development Bank has been and will continue to be one of Egypt’s main partners, as it plays an important role in pioneering South-South cooperation and in promoting regional sustainable development.

Indisputably, Africa is extravagant in natural resources and skills, and when sufficiently and effectively harnessed, it paves the way for an inclusively prosperous Africa, underpinned by our development agenda – Africa 2063.

Egypt is working hard to overcome long-standing obstacles to sustainable development in Africa, and our strategic partnership with the AfDB is a key pillar in achieving this goal,” said Minister of International Cooperation Rania Al-Mashat.

The Minister added that Egypt has been a founding member of the AfDB since 1964, adding that the Bank has helped finance development projects in all sectors through concessional loans, grants and technical assistance.

“Currently, Egypt’s total portfolio with the AfDB is over $6.73 billion, spread across 110 operations, including approximately $1 billion for 19 private sector operations in key sectors including manufacturing, the financial sector, transport, water and agriculture”. said the minister.

“The CSP represents the priority of implementing the AfDB High Fives and the UN SDGs in a way that meets our common priorities, as previously stated. To ensure the effective implementation of such a strategy and achieve the objective of targeted priority areas, the Egyptian government has worked jointly with the AfDB to include an indicative list of pipeline projects covering various development sectors such as supply in water and sanitation, transport, industry, finance, energy and agriculture, in addition to supporting non-sovereign operations specifically targeting private sector engagement,” Al-Mashat added.

In line with Egypt’s 2030 vision, the new country strategy balances the environmental and social dimensions of development. The minister referred to the presidential initiative Decent Life (Haya Karima), which aims to improve the lives of more than 50 million Egyptians in rural Egypt by providing essential services, including transport, water and electricity. sanitation, as well as social housing.

Supported by Egypt’s National Climate Strategy 2050, a subset of adaptation and mitigation projects covering the nexus between water, food and energy have been put in place, reflecting the linkages between climate action and development efforts.

The Ministry of International Cooperation (MOIC) has launched Egypt’s Country Platform for NWFE program, which provides opportunities for mobilizing private finance and investment to support Egypt’s green transition.

Kevin Kariuki, the African Development Bank’s Vice President for Energy, Climate and Green Growth, said the new strategy between Egypt and the African Development Bank is in line with the Bank’s climate strategy, as it reinforces efforts to strike a balance between development and climate action.

He added that the Bank is exploring opportunities to support the Egyptian National Platform for NWFEs in the water and energy pillars to build resilience and achieve sustainability.

This year’s Egypt-ICF and African Ministers of Economy, Finance and Environment Meeting will provide a platform for governments, multilateral and bilateral development partners, philanthropic foundations, the private sector, think tanks and civil society to examine the challenges facing the continent. compensated by and explore ways to overcome them.

The overall objectives of the Forum include Mobilizing and Accessing Finance, to mobilize finance and catalyze private sector investment, with a focus on developing countries and Africa; finance climate action, adaptation and mitigation to mobilize the public and private support needed to accelerate climate action; and provide a timely platform to explore necessary national actions that would help move towards a just and green transition.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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