{"id":601695,"date":"2019-03-07T03:49:26","date_gmt":"2019-03-07T03:49:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/afdb-plans-usd-1-2-bn-of-financing-to-egypt-over-2019-and-2020\/"},"modified":"2019-03-07T03:49:26","modified_gmt":"2019-03-07T03:49:26","slug":"afdb-plans-usd-1-2-bn-of-financing-to-egypt-over-2019-and-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/afdb-plans-usd-1-2-bn-of-financing-to-egypt-over-2019-and-2020\/","title":{"rendered":"AfDB plans USD 1.2 bn of financing to Egypt over 2019 and 2020"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <b>EXCLUSIVE- AfDB plans USD 1.2 bn of financing to Egypt in 2019 and 2020: <\/b>The African Development Bank (AfDB) is planning to provide USD 1.2 bn in new funding to Egypt in 2019 and 2020, focusing on energy and development sectors, AfDB Egypt Country Manager Malinne Blomberg told Enterprise. The pan-African bank <b>is currently in talks with the Egyptian government over a USD 500 mn loan<\/b> that will go towards electricity spending to help \u201ccontinue reforms and support the transformation of the electricity sector.\u201d The bank\u2019s board will decide on the loan this year. AfDB is also working on financing a rural sanitation project in Upper Egypt, as well as funding programs that provide technological training to university students, Blomberg said.<\/p>\n<p><b>The lender praised Egypt\u2019s economic reforms: <\/b>Being the biggest recipient of FDI in Africa in 2018 shows how much progress Egypt has made with its reform program, Vice President for Regional Development, Integration and Business Delivery Khaled Sherif told us. \u201cThe reforms that have been undertaken were very difficult but were well-executed. We have been waiting for these reforms for decades and this speaks volumes to this government\u2019s commitment to reforms.\u201d<\/p>\n<p><b>So what still needs to be done? <\/b>Unlike the now resurgent tourism sector, exports didn\u2019t flourish as much as needed, because most manufacturers' supply chains and intermediate inputs still rely heavily on imported goods, Sherif said. That said, the government is doing a good job in starting a structural reform process by looking at each sector and identifying ways to help manufacture these inputs locally. Also, as the government gets fiscal reform out of the way, it needs to focus on increasing income to boost economy growth, Sherif said. This needs investments to grow, and increasing employment and consequently disposable income.<\/p>\n<p><b>Is the AfDB backing our bid to count the informal economy as part of GDP? <\/b>\u201cWe have been arguing that the GDP figure is too small and doesn\u2019t reflect the size of the economy and obviously the reason for this is the very large informal sector that doesn\u2019t register on the surveys of how much goods and services Egypt produce every year. We are trying to help the government to come up with a more correct number which will be significantly large,\u201d Sherif said. When Nigeria did this in 2014, its GDP doubled. Sherif expects that we would see a significant change in GDP data in the coming two years, which would change how we view figures like the debt to GDP ratio, for example.<\/p>\n<p><b>A delegation from the bank met with Prime Minister Moustafa Madbouly<\/b> to discuss increasing cooperation and boosting intra-African trade, <a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/%D9%84%D9%82%D8%A7%D8%A1-%D9%86%D8%A7%D8%A6%D8%A8-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%A5%D9%81%D8%B1%D9%8A%D9%82%D9%89.aspx\">according to a Cabinet statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- AfDB plans USD 1.2 bn of financing to Egypt in 2019 and 2020: The African Development Bank (AfDB) is planning to provide USD 1.2 bn in new funding to Egypt in 2019 and 2020, focusing on energy and development sectors, AfDB Egypt Country Manager Malinne Blomberg told Enterprise. The pan-African bank is currently in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":601696,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[1376,104,93,72,348,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-african-development-bank","tag-economy","tag-energy","tag-enterpriseam","tag-gdp","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3d8c7559-5726-492f-b99a-f5d3bd44e315","is_powered_by":true,"section_story_id":"a7cc717b-5ea8-45ed-a29b-0e0a654ffc0b","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/3\/1856.jpg","photo_position":"above","related_issue":[601688],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AfDB plans USD 1.2 bn of financing to Egypt over 2019 and 2020 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/afdb-plans-usd-1-2-bn-of-financing-to-egypt-over-2019-and-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB plans USD 1.2 bn of financing to Egypt over 2019 and 2020\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- AfDB plans USD 1.2 bn of financing to Egypt in 2019 and 2020: The African Development Bank (AfDB) is planning to provide USD 1.2 bn in new funding to Egypt in 2019 and 2020, focusing on energy and development sectors, AfDB Egypt Country Manager Malinne Blomberg told Enterprise. 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The four unnamed companies operate in\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600815,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/afdb-provided-egypt-with-usd-506-mn-in-2018-blomberg-says\/","url_meta":{"origin":601695,"position":1},"title":"AfDB provided Egypt with USD 506 mn in 2018, Blomberg says","author":"enterpriseam admin","date":"11 February 2019","format":false,"excerpt":"The African Development Bank (AfDB) provided Egypt with USD 506 mn in funding in 2018, Country Manager for Egypt Malinne Blomberg said. 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Vigliotti didn\u2019t provide further information about\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/215.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634920,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/29\/nasr-signs-usd-500-mn-tranche-disbursal-agreement-with-afdb\/","url_meta":{"origin":601695,"position":3},"title":"Nasr signs USD 500 mn tranche disbursal agreement with AfDB","author":"enterpriseam admin","date":"29 January 2018","format":false,"excerpt":"Investment and International Cooperation Minister Sahar Nasr signed the agreement with the African Development Bank (AfDB) for the third USD 500 mn tranche of the USD 1.5 bn loan yesterday, according to a ministry statement. Disbursing the tranche was approved two weeks ago. AfDB Country Manager for Egypt, Malinne Blomberg,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574473,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/cabinet-approves-eur-225-mn-afdb-loan-for-electricity-reforms-green-energy\/","url_meta":{"origin":601695,"position":4},"title":"Cabinet approves EUR 225 mn AfDB loan for electricity reforms, green energy","author":"enterpriseam admin","date":"10 September 2020","format":false,"excerpt":"CABINET WATCH- The Madbouly cabinet approved a EUR 225 mn financing agreement with the African Development Bank (AfDB) to support electricity infrastructure development, it said in a statement following its weekly meeting. The cabinet also approved the establishment of new universities and schools, including two non-profit universities \u2014 one in\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624392,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/06\/ebrd-afdb-delegations-due-in-town-for-talks-on-funding-for-egypt\/","url_meta":{"origin":601695,"position":5},"title":"EBRD, AfDB delegations due in town for talks on funding for Egypt","author":"enterpriseam admin","date":"6 September 2018","format":false,"excerpt":"EBRD, AfDB delegations due in town this month for talks on funding for Egypt: A delegation from the European Bank for Reconstruction and Development (EBRD) is due in Cairo on 23 September to discuss with Egyptian officials the bank\u2019s financing strategy for the remainder of the year, Managing Director for\u2026","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=601695"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601695\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/601688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/601696"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=601695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=601695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=601695"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=601695"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=601695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}