African Development Bank Invests Over $2 Billion in North Africa in 2023

In 2023, the African Development Bank Group allocated more than $2 billion to North Africa to support a range of strategic initiatives across various sectors. The Bank’s Director General for North Africa, Mohamed El Azizi, described the year as exceptional and highlighted the significant impact of these investments on the region’s development.

One of the flagship projects approved by the African Development Bank was the financing of a $273 million electrical inter-connector project between Mauritania and Mali as part of the Desert to Power initiative. This initiative aims to develop solar power plants and a high-voltage transmission line, contributing to the expansion of solar energy and universal access to electricity in both countries.

Morocco received nearly $800 million in funding for various projects, including the development of rural health infrastructure and support for local enterprises. This support will benefit small and medium-sized enterprises, start-ups, cooperatives, and entrepreneurs, ultimately enhancing social and economic stability.

Egypt was allocated just over $677 million in 2023, with a focus on funding public reforms to boost the private sector and accelerate economic diversification. These operations aim to enhance the business environment, competition framework, and commercial justice while promoting key productive sectors and green growth diversification.

Tunisia received approvals totaling nearly $178 million, including funding for wastewater treatment and its use in agriculture, combined with solar energy utilization. This project is designed to improve water management, enhance climate resilience, and reduce energy costs.

Libya benefited from technical assistance packages funded by the Bank’s Middle-Income Countries Technical Assistance Fund. These packages aim to develop Libya’s first national food security and nutrition strategy and enhance the resilience of the food supply chain against external shocks like climate change.

The African Development Bank Group’s multinational operations in North Africa reached nearly $450 million, highlighting its commitment to regional development and cooperation.

This edited version provides a detailed overview of the African Development Bank Group’s investments in North Africa in 2023, highlighting key projects in various countries and their potential impact on the region’s development.

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Source: African Development Bank