The African Development Bank finances projects worth $2 billion in North Africa

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The African Development Bank Group announced that it has financed a series of important operations in North Africa during the year 2023, with a total value exceeding $2 billion in various strategic sectors.

A statement issued by the bank’s general manager in North Africa, Mohamed al Azizi, explained that among the pioneering operations in this framework was the approval of financing of more than $273 million to implement the 225-kilovolt electrical connection project to connect Mauritania to Mali.

The statement added that this project, which comes within the framework of the “Desert Source of Energy Initiative,” would develop solar energy stations and build a high-voltage line with a length of 1,373 kilometers, with a transmission capacity of 600 megawatts between the two countries.

This program will also contribute, according to the African Development Bank, to expanding solar energy production and universal access to electricity in the two countries.

The statement highlighted that other approvals of the African Development Bank Group, including the African Development Fund, in force and facilitation for the benefit of Mauritania amounted to $23.7 million.

The cumulative approvals of the African Development Bank for Morocco amounted to $800 million during the year 2023, which the statement described as an exceptional year on various levels, as the general context was marked by uncertainty and witnessing many crises.

The African Bank of Morocco provided 270 million Euros to finance two operations aimed at universalizing social coverage and developing a new health infrastructure.

The total volume of approvals granted to Tunisia by this bank during 2023 amounted to about $178 million, about $90 million of which to value treated wastewater and increase its use in the agricultural sector while reducing the energy bill by relying on solar energy.

In turn, Egypt received more than $677 million, including $134 million to finance a series of public reforms aimed at liberating the potential of the private sector and accelerating the diversification of the economy.

As for Libya, it has benefited from a series of technical assistance financed through the resources of the Bank’s Technical Assistance Fund for Middle-Income Countries.

The multinational operations carried out by the African Development Bank Group in North Africa amounted to approximately $450 million.

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