• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, February 7, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Egypt’s economic strides excite AfDB

The Matters Press by The Matters Press
December 11, 2018
Reading Time: 3 mins read
0
Egypt’s economic strides excite AfDB

Akinwunmi Adesina. AfDB's President

Akinwunmi Adesina. AfDB’s President

The African Development Bank (AfDB) has expressed excitement with Egypt’s strong macroeconomic performance and improved ranking in the ‘Doing Business Index.

RELATED POSTS

Lagos to spend 27.3% for modern infrastructure

Manufacturers reward media practitioners, seek partnership to revive sector

Zenith Bank shuts some branches over attacks, lack of new naira notes

The bank is also happy with the success of major projects in which the Bank is supporting Egypt.

Dr. Akinwumi Adesina, the President of the bank, made the commendations during a session at the just-ended Africa 2018 Business Forum held in the Egyptian city of Sharm-el-Sheikh.

According to the Bank’s latest Country Results Brief, Egypt has regained its position as first destination for foreign direct investment (FDI) in Africa.

“Over the past five years of prudent fiscal policy, it has seen a diversified economy, with services accounting for about half its gross domestic product (GDP), industry, 34% of GDP, and agriculture 12%.

“We need bold and innovative initiatives that realise the enormous possibilities of the continent.”, Adesina said and added: “We need to prepare, structure and de-risk opportunities to turn them onto investments.’’

ALSO READ  Mubarak, ex-Egyptian leader dies at 91

Adesina spoke as part of a Presidential Panel on “Bold Leadership and Collective Commitments” in which he joined the Heads of Afreximbank, the Arab Bank for Economic Development in Africa, the Asian Investment Infrastructure Bank, the European Bank for Reconstruction and Development, the European Investment Bank, and the International Finance Corporation, to deliberate on advancing intra-African investments together.

The Bank leaders were in the presence of Egyptian President HE Abdel Fattah El Sisi.

Egypt is the Bank’s second largest regional shareholder and third client in terms of cumulative historical approvals, making it the Bank’s strong partner. Today, the Bank has a portfolio of 30 operations in Egypt, valued at US$2.9 billion.

Adesina highlighted key Bank interventions in Egypt that have provided essential support to the country’s development.

They include the Ain Soukhna and Suez power plants which have contributed to overcoming Egypt’s power shortage by adding 3,250 MW of new and efficient generation capacity that can meet the electricity demand of about 7.5 million households, and will facilitate power interconnection with neighboring countries.

ALSO READ  Africa Investment Forum draws $32m in bankable project

The Bank’s operations in 12 governorates, including Assiut and Domyat, have helped over 20 000 farmers to purchase essential inputs at the right time for crop and livestock production.

The Bank has also made a strong contribution to women through its pioneering Women’s Economic Empowerment Project, through which $9 million has enabled women to benefit from 4,306 loans. Under the same programme more than 24,000 women have received training.

Participating at the roundtable ‘Egypt – the Investment Gateway to Africa’ hosted by Egyptian Prime Minister HE Moustafa Madbouly and with participation from about 80 CEOs, Adesina stressed the importance of partnerships to meet Africa’s huge investment needs.

He cited the Bank’s recently concluded Africa Investment Forum held in Johannesburg, South Africa, as an example of greater intra-African private sector collaboration. The Forum successfully convened key private and public stakeholders, and provided an unprecedented platform for effective dialogue to drive investments into the continent.

ALSO READ  Saraki gets verdict

The value of boardroom projects tabled for discussion during the Forum stood at US$47 billion, while investment interest was secured for 49 projects worth US$38.7 billion.

The Bank President said the Sharm el Sheikh conference will advance greater regional integration and investment.

“Regional integration is essential to face international competition and to facilitate the creation of jobs for youth,” Adesina said.

The Africa Forum in Sharm el Sheikh has emerged as a key platform for high level dialogue between Heads of State, senior Government officials and business leaders focusing on key strategic sectors. The 2018 Forum, which is the third in the series, focused on enhancing private sector cooperation in Africa to increase cross-border investments and trade.

The 2018 Forum, titled “Bold Leadership and Collective Commitment- Fast Tracking Intra-African Investments”, also dedicated a day to Empowering Women, whose voices are critical for framing the African business agenda going forward.

Tags: AfDBEgypt
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Lagos to spend 27.3% for modern infrastructure
Economy/Technology

Lagos to spend 27.3% for modern infrastructure

February 7, 2023
MAN concerns over CBN’s e-invoicing guidelines, calls for 90 days extension
Economy/Technology

Manufacturers reward media practitioners, seek partnership to revive sector

February 7, 2023
Zenith Bank unveils N765.6bn gross earnings
Economy/Technology

Zenith Bank shuts some branches over attacks, lack of new naira notes

February 7, 2023
Buhari unveils redesigned naira notes
Economy/Technology

Zenith Bank shuts some branches over attacks, lack of new naira notes

February 7, 2023
Nigeria key to African blue economy – Korean envoy
Economy/Technology

Nigeria key to African blue economy – Korean envoy

February 7, 2023
Nigeria to rebase CPI, GDP
Economy/Technology

Agriculture accounts for 23.78% of GDP

February 7, 2023
Next Post
Osinbajo excites traders at Apo mechanic market

Osinbajo unveils Nigeria's strength in Germany

Egypt goes for greater integration of Africa

Egypt goes for greater integration of Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Free public transportation for retirees begins in Lagos

LASG pays N38bn accrued pensions to 9,865 retirees

March 30, 2022
Council seeks incentives to boost indigenous ship operations

NPA expects 17 ships conveying products

December 6, 2022
Strike puts Nigeria in darkness

Nigeria in deal to supply electricity to Burkina Faso, Chad

June 26, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Lagos to spend 27.3% for modern infrastructure
  • Manufacturers reward media practitioners, seek partnership to revive sector
  • Zenith Bank shuts some branches over attacks, lack of new naira notes

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?