CBE Signs a Memorandum of Understanding with the African Development Bank Group
In accordance with the directives of H.E. President Abdel Fattah Al-Sisi, President of the Arab Republic of Egypt, to strengthen the cooperation with African countries across all fields particularly the economic cooperation, Egypt – represented by the Central Bank of Egypt (CBE)- has signed a memorandum of understanding (MoU) with the African Development Bank Group (AfDB) to host the Bank’s annual meetings from the 22nd till the 26th of May, 2023 in Sharm El Sheikh.
The agreement was signed on behalf of Egypt by H.E. Mr. Hassan Abdalla, Acting Governor of the Central Bank of Egypt, and on behalf of the African Development Bank Group Prof. Vincent O. Nmehielle, Secretary General of the AfDB Group, and in presence of Mr. Ahmed Zayed, AfDB’s Executive Director for Egypt and Djibouti and the Dean of the AfDB Group Board of Directors.
Mr. Hassan Abdalla, Acting Governor of the CBE, stated that “Egypt’s hosting of the African Development Bank Group’s Annual Meetings comes within the Egyptian strategic direction to promote African integration, and to provide the needed accessible funds to support African economies, particularly with the current global external challenges facing the continent and the whole world , which highlights the importance of the leading role played by the AfDB Group as the main financing institution concerned with the development of the African continent.”
From his side, Prof. Vincent O. Nmehielle, Secretary General of the African Development Bank Group stated “Egypt possesses high quality standards in meeting the requirements for hosting the Annual Meetings of the Bank Group”, adding: “As we look forward to the Annual Meetings in May next year, let us continue to work together for the success of the 2023 Annual meetings. Our sheer commitment and ownership of this initiative will be the driving force behind the success of this event. Similarly, we would be able to realize our mission to spur sustainable economic development and social progress in Africa and thereby improving the lives of all Africans.”
Egypt is one of the top three shareholders in the African Development Bank’s capital at level of all 81-member states. Egypt is also one of only three African countries that contribute to the African Development Fund, which aims to develop low-income African countries. The volume of the cooperation portfolio between Egypt and the African Development Bank, since 1974, amounted to USD 7 billion, contributing to the financing of several important development projects in Egypt as well as continental connectivity projects. Meanwhile, the volume of the ongoing cooperation portfolio has reached nearly USD 1.37 billion, aiming at financing 25 projects in the public and private sectors, across various fields including energy, transport, agriculture, irrigation, water and sanitations, and entrepreneurship.
Egypt assumed the chairmanship of the African Development Bank’s Board of Governors, from May 2022 until May 2023, whereas announced during the annual meetings of the African Development Bank Group for the year 2022, held in Accra, Ghana.
