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AfDB announces $140m fund for Egypt's Administrative Capital - Daily News Egypt

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AfDB announces $140m fund for Egypt’s Administrative Capital

President of the African Development Bank (AfDB) Akinwumi Adesina said the bank will offer a $1.5bn fund for Egypt's new Administrative Capital project.

President of the African Development Bank (AfDB) Akinwumi Adesina said the bank will offer a $140m fund for Egypt’s new Administrative Capital project.

During his speech before the Africa Forum 2016 in Sharm El-Sheikh Saturday, Adesina said the bank will put in $12bn in investments in the energy sector over the next 12 years and will provide $50bn to finance the energy projects.

AfDB will offer $15bn for African countries in the environment sector, as well as financing food supply in several African areas.

Approximately 67% of the world’s cultivated land is in Africa, he said, which means the continent can become self-sufficient. Africa currently exports raw material, which can be manufactured within the continent.

He highlighted the necessity of integration between African countries, noting that the bank will invest in infrastructure projects, especially railway lines.

“The bank launched the first visa index, which helps to facilitate entry visa procedures. In addition, the bank contributed to improving the quality of life in Africa through funding water, training, education, and sanitation projects,” Adesina said.

The bank will launch a youth employment initiative for 50 million youths over 10 years, aiming to provide 25,000 jobs per year.

Ethiopian prime minister Hailemariam Desalegn said in a speech delivered before the forum that the forum allows the private sector to know the available opportunities in Africa to expand the scale of investment for both local and foreign investors.

He noted that the Common Market for Eastern and Southern Africa (COMESA), Southern African Development Community (SADC), and the East Africa Community to launch a tripartite agreement over a year ago. This agreement will generate a large-scale alliance within the continent, aiming to provide a suitable economic and social environment for investment to achieve development.

“Africa achieved a growth rate of 20% through the application of new economic policies, which recently made Africa the best continent to achieve rapid growth,” Desalegn said.

Ethiopia is the second biggest African country in terms of population and it seeks to boost ties with other African countries through infrastructure projects, such as establishing international roads with South Sudan, Djibouti, and Kenya. This development will encourage more foreign direct investment, he said.

“Africa is working for integration and cannot be limited to only one role,” Desalegn said. “Ethiopia is concerned about the Nile Basin countries and works to boost its relations with them. Nile water is available for all Nile Basin countries in accordance with the national principles and equitable use.

He said the forum will offer good investment opportunities for the businessmen who will be briefed on our decisions.

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