African Development Bank Lauds Egypt’s Economic Rebound, Partnerships, at Africa 2018 Forum

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Egypt is the Bank’s second largest regional shareholder and third client in terms of cumulative historical approvals, making it the Bank’s strong partner

African Development Bank (www.AfDB.org) President Akinwumi Adesina has saluted Egypt’s strong macroeconomic performance, its improved ranking in the ‘Doing Business Index,’ and the success of major projects in which the Bank is supporting Egypt, lessons that can be learned for the development and the integration of the continent. Adesina was speaking during a session at the just-ended Africa 2018 Business Forum held in the Egyptian city of Sharm-el-Sheikh.

According to the Bank’slatest Country Results Brief,Egypt(https://bit.ly/2QkVPBX) has regained its position as first destination for foreign direct investment (FDI) in Africa. Over the past five years of prudent fiscal policy, it has seen a diversified economy, with services accounting for about half its gross domestic product (GDP), industry, 34% of GDP, and agriculture 12%.

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