Prime Minister Ibrahim Mehleb has urged African Development Bank (AfDB) executives to double their funding for projects in Egypt during his recent visit to the bank.
Mehleb also suggested the formation of trilateral cooperation between Egypt, the bank and another country.
Mehleb visited the bank’s headquarters, along with an Egyptian delegation, in Cote d’ Ivoire. The government is trying to support small and medium-sized enterprises, Mehleb highlighted, adding that new legislative laws and regulations have been introduced.
The African Development Bank (AfDB) has already agreed to provide a $170bn loan to develop Sharm El-Sheikh International Airport, according to Mahmoud Esmat, Chairman of the Egyptian Holding Company for Airports and Air Navigation (EHCAAN).
The bank previously announced it plans to continue its support to the Egyptian government by expanding its lending programme in 2015. The bank aims to finance projects in the water, irrigation and energy sectors along with small and medium enterprises (SMEs).