African Development Bank allocates $450M for Egypt in 2015
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CAIRO: Funding from the African Development Bank to Egypt in 2015 has so far amounted to $450 million, and a plan is underway to develop a strategy for cooperation with the bank from 2015 until 2019, the Ministry of Cooperation announced Tuesday.

Minister Sahar Nasr met with a delegation from the bank Monday to discuss cooperation between the two; since collaboration between the two began in 1974 an estimated $1.9 billion dollars have been provided to more than 35 projects to boost various sectors including agriculture, transportation, and irrigation, the ministry stated.

The minister also stated that the ministry’s priorities include supporting the state’s budget as well as providing funding to stimulate growth.

The parties agreed to complete financing for a development of the Sharm El Sheikh International Airport, which would increase its capacity to serve 18 million passengers a year, through upgrading its facilities.

The deal for the upgrade of the airport was first signed May 29 during an annual meeting of the bank, and the second agreement, to secure the last $50 to finance the project is in preparation, the ministry added.

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