Amr Darrag Discusses Development Projects in Egypt with the Arab Coordination Group On Sunday, 23 June 2013, the Minister of Planning and International Cooperation Dr. Amr Darrag opened the consultative meetings with the Arab Coordination Group, comprising four national financing organizations, namely Kuwait Fund for Arab Economic Development (KFAED), the Saudi Fund for Development (SFD), Abu Dhabi Fund for Development (ADFD) and Qatar Development Fund (QDF), in addition to six regional financing organization, namely the Arab Fund for Economic and Social Development (AFESD), the Islamic Development Bank Group (IDB), the OPEC Fund for International Development (OFID), the Arab Bank for Economic Development in Africa (BADEA), the Arab Gulf Program for Development ( AGFUND) and the Arab Monetary Fund (AMF). The participants discussed securing required funds for some priority projects according to the state’s general plan for 2013- 2014. The meetings held for two consecutive days, are attended by the Ministers of Investment, Finance, Electricity and Energy as well as high level delegations from all aforementioned organizations. In the opening ceremony, Dr. Darrag spoke of the Egyptian government’s appreciation of the support provided by regional and Arab financial organizations to the Egyptian economy during this important phase by providing required financing for priority projects. He also commended distinguished relations with such organizations. The cooperation portfolio with IDB since the beginning of cooperation with it in 1977 amounts to approximately USD 8 bullion, while Egypt obtained loans exceeding USD 4 billion from AFESD since the beginning of cooperation with it in 1974, that is besides other forms of assistance worth USD 56 million. As for the AMF, it immediately responded to the Egyptian government’s requirements following the January 25th Revolution by providing Egypt with two soft loans worth a total of USD 500 million in favor of the Ministry of Finance to support the finance sector and to facilitate structural reform near the end of 2011. The SFD, on the other hand, oversees the sum of USD 1.45 million out of the package of aid provided by Saudi Arabia to Egypt following the Revolution as a contribution to the Egyptian development plan under the supervision of the Ministry of Planning and International Cooperation (MOPIC), including USD 750 million as a line of credit for petroleum out of which SFD provided USD 500 million to date in favor of the General Petroleum Authority , in addition to soft loans worth USD 500 million out of which SDF provided 3 loans worth USD 230 million for financing projects in the sectors of irrigation, water and wastewater utilities and silos, besides a grant worth USD 250 million to support small and medium enterprises (SME’s), for which procedures are underway to open an account at the Central Bank of Egypt (CBE). The consultative meetings come within the framework of MOPIC’s efforts to secure funds from such organizations as a contribution to supporting priority projects in key sectors, such as electricity and energy, civil aviation, education, health, transport, petroleum and agriculture. Further, studies of some projects were presented such as oil distillation in Assuit, the Cairo Airport electricity transformers station, turning a number of technical schools into distinguished training centers, the linking of Egyptian and Saudi electricity grids, which is deemed a priority project for the government for benefiting both sides, the cultivation and/ or development of 55,000 Feddans along Siri Canal in Minia. Operations directors of these organizations are expected to participate in the Investment Forum to be held on 25 June 2013 at the Ministry of Investment under the auspices of the Prime Minister to seek activating external investments in Egypt under the auspices of IDB Group, acting as the Secretariat of the Deauville Partnership this year. Dr. Darrag concluded his speech, expressing his aspiration that cooperation increases with other financial institutions, such as KFAED, QDF and AGFUND, which plays an important role in Arab human development, as well as OFID, with which a loan agreement worth USD 70 million is expected to be signed to contribute to financing South Helwan Power Plant. mopic.gov.eg/News/EventDetail.aspx?ModID=4&MedId=334
Posted on: Sun, 23 Jun 2013 14:35:01 +0000
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