Wednesday, 18 March 2015

AfDB vice-president Aly Abou Sabaa: "We are ready to work with the Egyptian Government on reforms"

African Development Bank (AfDB) Vice-President responsible for Sectoral Operations, Aly Abou-Sabaa, as head of the major delegation dispatched by the Bank to Sharm el-Sheikh to attend the Egyptian Economic Development Conference (EEDC), addressed a large audience on Day 2 of the event, Saturday, March 14, 2015.

 In the presence of the Egyptian Minister of International Cooperation, Naglaa El-Ahwany, Abou-Sabaa was speaking as part of a high-level panel of representatives of international financial institutions, on the theme of "How can Egypt's economic development be effectively supported? Views and perspectives".

In addition to the AfDB Vice-President, Jin Yong Cai, Senior Vice-President and CEO, International Finance Corporation (IFC), World Bank Group; Abdlatif Al-Hamad, Director General and Chairman, Arab Fund for Economic and Social Development (FADES), Kuwait; Ambroise Fayolle, Vice-President, European Investment Bank (EIB); and Hafez Ghanem, Middle East and North Africa (MENA) Region Vice-President, World Bank, made up this roundtable.

To his peers from international financial institutions (IFIs) and to the entire audience attending the debate – representatives from the public and private sectors – the AfDB Vice-President called for Egypt to be supported in its growth pathway. Emphasising that Egypt is "the second-largest shareholder in the African Development Bank" and that it had undertaken many reforms, Abou-Sabaa said, "We at AfDB are ready to work with the Egyptian Government on the reforms to which it has committed, especially since bold, courageous measures are needed." He went on to speak of the need to ensure "alignment with the Government's priorities" intended to promote inclusive growth. Read More...


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