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IFAD contributes $455.6M to finance 13 projects in Egypt

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President of IFAD Gilbert F. Houngbo speaks at the South South and Triangular Cooperation conference in Brasilia- Egypt Today/Samar Samir

 

The International Fund for Agricultural Development (IFAD) contributed $455.6 million to finance 13 programs and projects of rural development, according to Minister of Investment Sahar Nasr.

The minister clarified in a statement that the total cost of these programs and projects hit $829.1 million.

She noted that about 7.1 million of the rural population benefit from these projects and programs.

During a meeting between Vice President of IFAD for Program Management Donal Brown and Nasr, Brown announced choosing Egypt to be the agency’s regional center for about eight countries in the region.

He noted that the focus of the center will be on maximizing technical benefits and integration between the countries in fields of rural development, supporting rural women, raising job opportunities for rural youths, achieving food security and lowering poverty rates.

Brown added that IFAD allocated $1 billion for the center as a start for the cooperation exchange portfolios between the countries in all fields headed by South-South cooperation.

He also praised Egypt’s investment climate and investment opportunities in agriculture, expressing his pride of contributing to provide job opportunities in rural areas and offer technical support for current activities.

– EGYPT TODAY

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Economy

EU’s Tusk to meet UK PM May on Brexit in Egypt on Sunday – official

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President of the European Council Donald Tusk listens at a news conference during the European Union Tallinn Digital Summit in Tallinn – REUTERS

BRUSSELS – 22 February 2019: European Union leaders will not clinch a deal on Brexit during a summit with their Arab peers in Egypt scheduled for Sunday and Monday, an EU official said on Friday.

“There will be no deal in the desert,” the official said when asked about chances of a Brexit breakthrough during the EU summit with the League of Arab States in Sharm el-Sheikh on Feb.24-25.

However, the source said European Council President Donald Tusk would hold a bilateral meeting with British Prime Minister Theresa May on the sidelines of the summit on Sunday at 1630 local time in Egypt.

– EGYPT TODAY

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Economy

Zimbabwe snubs Africa free trade

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Zimbabwe has shelved its plans to join the Africa Continental Free Trade Area (ACFTA).

The country declined to sign the agreement because it was to find space to stabilise local industries which are struggling to produce enough quality goods to compete outside.

Industry and commerce ministry’s director of international trade, Beatrice Mutetwa said while addressing parliamentarians that more time, like 15 years, would be required out of the ACFTA because the country`s local industry is not producing enough to be able to compete with other countries.

Also Read: ViMP 2019 Edition: Junior Achievement Nigeria Hosts 50 Youth

Mutetwa said Zimbabwe was in a peculiar position and needed to work towards achieving an even landscape.

Member countries are requested to open up 90 percent of their markets but Zimbabwe had only offered up 85 percent as considerations are still being made on how the key sectors like tourism and mining will be protected.

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Economy

African Development Bank to present 2019 African Economic Outlook at 32nd AU Summit

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The theme for this year’s African Economic Outlook is “Integration for Africa’s Economic Prosperity”

ABIDJAN, Ivory Coast, February 4, 2019/ –

The African Development Bank (www.AfDB.org) will present the 2019 edition of its flagship African Economic Outlook (AEO) (https://bit.ly/2Djcpf8) report on the sidelines of the 32nd Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia on Friday, 8 February, 2019, from 8.30 -12 noon.

The theme for this year’s African Economic Outlook (https://bit.ly/2Djcpf8) is “Integration for Africa’s Economic Prosperity.” The annual report highlights economic prospects and projections for the continent as a whole and for each of the 54 countries. It offers short- and medium-term forecasts on the main socio-economic factors, while at the same time examining the challenges and progress.

The report is the result of the work and analysis of the Bank’s economic experts. It is a tool for policymakers, academics, investors, development and financial industry professionals and the press and is widely used to inform policy dialogue and enhance operational efficiency of institutions.

The presentation of the AEO (https://bit.ly/2Djcpf8) to development experts, business and political leaders, media and policy makers follows its official launch at the Bank’s Headquarters in Abidjan, Cote d’Ivoire on 17 January, 2019. The Addis Ababa presentation will be one of the key side events of the African Union conference.

The African Economic Outlook 2019 is available in English, French and Portuguese.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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