CAIRO: Growth in Egypt has been increasing, from 2 percent in 2011-2013 to 4.6% in 2014-2015, and private investment has grown 22.8% in 2014-2015 due to gas sector growth, said Leila F. Mokaddem, the Resident Representative of the African Development Bank in the Egypt Field Office.
A series of policies including the Egypt Economic Development Conference (EEDC) in March 2015, and the October 2015 comprehensive macroeconomic program that focuses on fiscal consolidation “should sustain growth acceleration,” she added in an email interview with Youm7.
Mokaddem confirmed that the first tranche of the Economic Governance and Energy support loan for 500 million dollars was fully disbursed to the Egyptian government Jan, 7, 2016. The second two tranches of the loan due in 2016-17 and 2017-18 will be conditioned upon the Egyptian government’s reforms per the conditions of the program, and will be considered in “due time.”
“The Bank Group’s on-going portfolio in Egypt comprises 33 operations with a total commitment of USD 2.2 billion in the core areas of power, finance, water and sanitation, social, multi sector and agriculture,” she said, adding that “in 2015, loan and grant approvals amounted to 697.88 million US dollars.”
The Bank has been invited to the Egypt Africa Business Forum in Sharm el-Sheikh from Feb 20-21, she said, in order to “promote Egyptian business interests and trade with African countries.”