AfDB commits $700 million for Egypt Energy Sector

The African Development Bank will allocate US$700 million for the support of energy sector projects in Egypt, AfDB president Donald Kaberuka said in the inaugural of the 50^th Annual Meeting of the bank.

AfDB is holding its 50th Annual Meeting of the bank in Abidjan, Côte d’Ivoire, from May 25-29.

President Kaberuka has expressed his hope for raising the bank’s support for the Egyptian energy sector up to US$1 billion soon.

Moreover, Kaberuka stressed AfDB’s strong ties with Egypt, which is the AfDB’s second-largest African shareholder, which accounts for 5.4% of its regional member countries’ share capital; it also ranks fourth among the Bank’s 69 global country membership.