Egypt establishes fund for investments in Nile Basin Countries

CAIRO – 14 October 2024: Egypt has started establishing a fund for investment in the Nile Basin, with the aim of achieving development on the basis of participation and cooperation between Egypt and other Nile Basin countries, announced Egyptian Foreign Minister Badr Abedlatty during his meeting with Prime Minister Mostafa Madbouly on Monday evening.

The Fund aims to promote investment in development and infrastructure projects within the Nile Basin countries. This will be achieved in accordance with sound economic standards to enhance the likelihood of project success and attract foreign financing.

Abdelatty explained that the fund will rely on three sources of funding: the Egyptian state budget, partnerships with the Egyptian private sector, and collaborations with Nile Basin countries and other African partners, including regional and international organizations. He emphasized that Egypt hopes these partners will direct a portion of their investment commitments in Africa through this fund.

Abdelatty added that the African continent is a top priority in Egyptian foreign policy and plays a central role in Egypt's diplomatic efforts. He noted that the Ministry of Foreign Affairs and Immigration has actively focused on development initiatives in Africa during the recent period. This commitment underscores Egypt's dedication to fostering collaboration and supporting growth across the continent, he said.

The Minister of Foreign Affairs highlighted the development initiatives carried out by the Ministry's Partnership for Development Agency. These efforts include sending experts and medical convoys to fellow African nations, as well as constructing hospitals and medical facilities in various African countries to address their healthcare needs.