International cooperation Minister highlights need for more funding to support joint African projects

International Cooperation Minister Sahar Nasr underlined the importance of the African Development Bank (AFDB) participation in funding joint African projects that could achieve sustainable development from the whole African continent.

The minister's remarks were made during her meeting with AFDB President Akinwumi Adesina and his accompanying delegation on the fringe of Africa Business Forum 2016.

The meeting was attended by Minister of Housing and Urban Communities Mostafa Madbouli, Minister of Electricity Mohammad Shaker, Minister of Finance Hany Demian, Minister of Water Resources and Irrigation Hossam Moghazi, Minister of Agriculture and Land Reclamation Essam Fayed.

The meeting took up means of fostering relations with AFDB in the various sectors, especially the fields of priority to the Egyptian government in the current phase namely finding alternative energy sources, housing and water projects.

The minister thanked the AFDB president on the first portion of the bank's loan to Egypt worth dlrs 500 million.

The ministers briefed the AFDB on the main projects that can be funded by the bank in Egypt as the Egyptian finance minister asked the African bank to outline integrated programs for the most needy categories.

Meanwhile, the housing minister called on the AFDB to support sanitary and water projects especially in the most poor villages in Egypt.

Nasr, for her part, called on the bank to swiftly participate along the World Bank to cover up financing most of sanitary drainage projects in the villages lacking sanitation. 

She also highlighted the directives of President Abdel Fattah El Sisi to support energy projects at the regional and African levels. 

Electricity Minister Mohammad Shaker pointed out that Egypt has overcome the power cuts last year, noting that the electricity sector is facing many challenges especially the quality of power stations and the need for upgrading them