The year 2023 was successful for the African Development Bank, succeeding in its role of providing financial help to respective nations. Northern African countries like Morocco, Egypt, and Tunisia are among the beneficiaries. This is through the released $2 billion to fund inclusivity in climate change and sustainable development.
According to the AFDB’s Director General for North Africa, Mohamed El Azizi, “We have been able to launch flagship operations that build crisis resilience and foster shared growth. We are proud to contribute to improving the daily lives of millions of North Africans”.
One of the major finance projects includes the Desert Power initiative between Mali and Mauritania. The 225 kV electrical interconnector project received a whopping $237 million, which will go a long way in solar power investment.
Also, Morocco highly benefitted, getting close to $800 million to finance local enterprises and health infrastructure in rural areas. Via the nation, the bank succeeds in its aim to fund strat-ups, self-employment, and medium-sized businesses.
On the other hand, Egypt received over $667 million, including $137 million to support economic diversification. Importantly, the funds are aimed o promote green growth in the Northern African country.
Lastly, Tunisia received over $178 million. Part of the approved total includes $99 million directed towards waterwaste treatment projects, as well as supoprt the country’s agricultural sector. AFDB has also made great efforts in supporting Tunisia’s solar energy projects.
The African Development Bank is also looking to make similar if not better achievements in supporting African’s sustainable growth in 2024. The bank urges African governments to support its initiatives, and ensure the finances provide are properly utilized.
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