The African Development Bank Group’s (AfDB) President Akinwumi Adesin said the bank has invested up to USD 2.8 bn in 30 Egyptian-based projects since the country kicked off its economic reform program in 2016, Invest-Gate reports.

Adesina praised Egypt’s reform program and referred to a report by Rand Merchant Bank that ranked the country above its African peers in terms of foreign direct investment (FDI), according to a statement by the Egyptian investment ministry on November 7.

Rand Merchant Bank’s report has boosted investor confidence in the Egyptian economy in light of the huge infrastructure projects implemented in the country in the past four years, he stated.

Adesina’s remarks came on the sidelines of a meeting between Minister of Investment and International Cooperation Sahar Nasr and Electricity Minister Mohamed Shaker during the Africa Investment Forum in Johannesburg, South Africa.

The meeting reviewed the collaboration of both countries in bolstering the private sector and infrastructure in the Sinai Peninsula, which will attract investors to the region.

AfDB’s president affirmed the bank’s readiness to provide the necessary support to help push the economic and social development process in Egypt as well as improving the citizens’ living standards.