Presidential decree approving increase of Egypt’s AfDB shares

Egypt’s official gazette published on Thursday President Abdel Fattah El Sisi’s decree approving the increase of the country’s shares at the African Development Bank Group (AfDB).

This follows the AfDB board of directors’ decision no.8 of 2017, issued on March 21, 2017, on the allocation of shares at the bank after the regular increase of its capital.

The African Development Bank is a regional multilateral development bank, whose mission is to promote sustainable economic growth and reduce poverty in Africa.

The African Development Bank Group’s constituent institutions are the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF), and its shareholders are

54 African countries (regional member countries) and 27 non-African countries (non-regional member countries).

The AfDB’s primary objective is to assist African countries – individually and collectively – in their efforts to achieve economic development and social progress. (MENA)