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Monday, 14 October 2019

African investments in Egypt hit $2.8 bln, Egypt’s investments in Africa $10.2 bln: Planning minister

Doaa A.Moneim , Friday 4 Oct 2019
Hala El-Saeed
A file photo of Egypt's planning minister Hala El-Saeed (Photo:Al-Ahram)
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African investments in Egypt are worth $2.8 billion and Egypt’s investments in Africa are worth $10.2 billion, with $1.2 billion of that amount added in 2018, Planning Minister Hala El-Saeed said on Friday.

Speaking at Rotary Egypt’s regional conference in Sharm El-Sheikh, Minister El-Saeed said that Egypt is eager to cooperate effectively with African partners in various developmental and economic areas, as part of the African Union’s Agenda 2063, especially given that Egypt is the AU’s current chair.

“In this regard, Egypt has implemented number of initiatives, included establishing an investment risk assurance fund in Africa which aims to stimulate Egyptian investors to direct their investments to African countries,” El-Saeed said.

The Central Bank of Egypt is making significant efforts through its presidency of the Association of African Central Banks, and is seeking to establish an African central bank and a fund to boost banking and financial stability in Africa, she said.

It is also working on supporting investment and development alongside Egyptian banks, which have begun to work in African markets to maximise trade exchange, support exports and imports, and provide required funds for joint trade and investment, according to El-Saeed.

She said that Egypt supports the efforts to implement a number of infrastructure projects to achieve African regional integration, including the Cairo-Cape Town road, which will increase the trade flow between African countries; the electronic linkage of African stock markets to enhance joint cooperation and exchange of experiences; and the establishment of an African central bank.

On health care, she said that Egypt is seeking to mainstream its experiences in African countries, especially its 100 Million Health initiative.

At the same time, Egypt is also working on supporting African corporations and achieving governance and supporting anti-corruption efforts.

In this regard, Egypt is to host a roundtable that will be organised by the African Association for Public Administration and Management (AAPAM) in December, with the purpose of enhancing dialogue and exchanging experiences in the administrative reform sector.

Last month, President Abdel-Fattah El-Sisi announced in his address to the United Nations General Assembly that the Aswan Forum for Sustainable Peace and Development in December would be a model for regional dialogue, the minister said.

“Egypt is intensifying its efforts to achieve inclusive, sustainable economic, social, and environmental development under the umbrella of Egypt’s Vision 2030,” she added.

El-Saeed also noted that Egypt has adopted a national program for economic and social development that includes structural reform procedures in some sectors, especially in the energy sector.

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