North Africa 2023: More than $2 billion from the African Development Bank for inclusive, sustainable growth

In 2023, the African Development Bank Group provided more than $2 billion to North Africa to finance a series of key operations in a range of strategic sectors.

The Bank’s Director General for North Africa Mohamed El Azizi, said, 2023 has been an exceptional year: “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”.

In one of these flagship operations, the African Development Bank approved financing of more than $273 million to implement the 225 kV electrical inter-connector project between Mauritania and Mali, as part of the Desert to Power initiative. This programme will develop solar power plants and build a 1373-kilometre high-voltage line with a 600-megawatt transmission capacity between the two countries and will contribute to the expansion of solar energy and universal access to electricity in both countries. Mauritania also received $23.7 million in funding from the African Development Bank Group’s concessionary African Development Fund.

Almost $800 million has been approved by the Bank for projects in Morocco in 2023. These include a project to finance and develop health infrastructure in rural areas, and another to support local enterprises. The Bank’s funding makes it possible for small and medium-sized enterprises, start-ups and cooperatives in Morocco to enjoy greater social support. This will also help self-employed workers, self-employed workers and entrepreneurs.

Egypt, meanwhile, received just over $677 million in 2023, including nearly $134 million to finance a series of public reforms aimed at unlocking the potential of the private sector and accelerating economic diversification. These operations will help improve the business environment, strengthen the framework for competition and commercial justice, promote key productive sectors and diversify the sources of green growth.

The Bank’s total approvals reached nearly $178 million in Tunisia. This included nearly €90 million to recover treated wastewater and strengthen its use in the agricultural sector while reducing the energy bill through the use of solar energy. This project will help to improve the water balance and strengthen resilience to climate change.

Libya received a series of technical assistance packages financed through the Bank’s Middle Income Countries Technical Assistance Fund to help the develop its first national food security and nutrition strategy and to boost the resilience of the food supply chain to external shocks such as climate change.

The African Development Bank Group’s multinational operations in North Africa reached nearly $450 million.

This article was originally published by: Making Finance Work for Africa