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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE Governor: Egypt, AfDB Cooperation Helped Issue 1st Sustainable Bond in Africa


Thu 30 May 2024 | 02:28 AM
Taarek Refaat

Governor of the Central Bank of Egypt (CBE)  Hassan Abdullah stressed that the African Development Bank (AfDB) has been a major partner of Egypt in supporting development efforts since its foundation.

Abdullah Said: “We will remain essential supporters of the ongoing efforts made by the bank at all levels, as the past year in particular witnessed many aspects of joint cooperation between  Egypt and the AfDB, which resulted in the issuance of the first sustainable bonds in Africa (panda bonds) as a model that can be replicated and emulated.”

Governor of Egypt at the African Development Bank Group, added - in a speech on the occasion of the 60th anniversary of the founding of the bank, in the Kenyan capital, Nairobi - that “the global financial system faces a number of new challenges, which represent the main obstacles to the development process, including, the risks of climate change or problems of inequality, etc., and considering confronting these challenges has become a top development priority.”

He continued: “We are currently facing increasing pressure due to the increased need to mobilize methods for long-term sustainable financing in order to confront the repercussions of the climate crisis and achieve sustainable development goals (SDGs) ... in Africa in particular, with the increase in the number of countries at risk of defaulting on debts or those that have already defaulted. The governments of these countries are required to allocate huge domestic financial resources to service these debts, which in turn may limit the growth of vital sectors, such as education, health, and social protection.”

He also noted the fact that African countries collectively possess great competitive potential and advantages, stressing that in cooperation with the African Development Bank, and in partnership with leading regional and international organizations, a multi-pronged approach can be followed to confront the main economic and development challenges in order to achieve a better and more prosperous future for the continent.