AfDB report displays strong development in Egypt
The African Development Bank (AfDB) has published the ‘Country Results Brief’ on Egypt. The report emphasis at Egypt’s economic situation and the bank’s investments in the energy, agriculture, sanitation, industrial and social sectors.
Dec 11, 2018: The African Development Bank (AfDB) has published the ‘Country Results Brief’ on Egypt. The report emphasis at Egypt’s economic situation and the bank’s investments in the energy, agriculture, sanitation, industrial and social sectors.
Egypt has regained its position as the first foreign direct investment (FDI) destination in Africa. It has a diversified economy, with services accounting for about half of the gross domestic product (GDP), industry contributing 34 percent of GDP and agriculture 12 percent, the bank said.
The country aims to invest more in human capital in the short and medium term, it added.
AfDB’s country manager Malinne Blomberg, said, “Our partnership is important to helping Egypt bring about sustainable and inclusive economic growth. Effective infrastructure, macroeconomic reforms and access to social services, which we promote, are the bedrock of a vibrant and growing Egypt. It is critical for the bank to accelerate development pace with our High 5 priorities.”
The High 5s are based on a set of indicators from the 2016- 2025 Results Measurement Framework of the bank. It also reviews how the bank manages to optimise its investments by improving people’s quality of life.
In the country’s energy sector, the bank financed the Ain Sokhna power plant, which began operating in 2015, with two 650 MW gas or oil-fired units to generate power in the growing industrial zones.
Its operations in 12 governorates, including Assiut and Domyat, have helped more than 20,000 farmers to purchase essential inputs at the right time for crops and livestock production.
The bank has extended reform support by reducing the average time required to comply with industrial licensing requirements to only seven days for low-risk industries and 30 days for high-risk industries from 643 days in 2015. This enhances the country’s business environment.
The pioneering Women's Economic Empowerment Project, in which the bank has invested $9 million, has provided 4,306 loans and has trained more than 24,000 women till date. The bank has a portfolio of 31 operations in Egypt, valued at $2.98 billion.