FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. (Photo: Reuters)
Egypt’s Minister of Finance Mohamed Maait has asserted the importance of Egypt’s ongoing efforts to support the G20 Compact with Africa (CwA), given its chairmanship of the African Union.
As many as 12 African countries have so far joined the initiative that was launched by the G20 in 2017 to back African reforms, Maait said at a meeting of the G20 finance ministers and central bank governors.
The meeting was held on the sidelines of the Spring Meetings of the World Bank and International Monetary Fund in Washington.
The minister added that the CwA has seen promising results as regards the conformity of African nations’ reform agendas with the initiative’s guiding principles, which depend on attracting more foreign investments to Africa, particularly in key sectors, the finance ministry said in a statement Saturday.
Each African country, including Egypt, will benefit from the advantages of the CwA, he said, noting that Cairo seeks to lead Africa to a prosperous future via cooperation with various African Union’s member states.