Egypt can cooperate with African Funding Corporation in 3 sectors: PM

CAIRO – 28 July 2021: Prime Minister Mostafa Madbouli held Tuesday a meeting in Cairo with CEO of the African Funding Corporation (AFC) Samaila Zubairo and the accompanying delegation.

The meeting was also attended by Minister of Planning and Economic Development Hala al-Said and CEO of the Sovereign Fund of Egypt Ayman Solaiman given that the AFC's work in focused on infrastructure and manufacturing.

The prime minister indicated that the sector Egypt hopes to cooperate with the AFC in are energy, water treatment, and production of vaccines given the relevant experience the country enjoys.

The planning minister stated that she had arranged a visit of the delegation to the factories of VACSERA in coordination with her health counterpart. Further, the Sovereign Fund of Egypt can transfer experience in the sectors of water treatment, renewable energy, including wind energy, infrastructure, railcar production, localization of water treatment plant parts, and marketing governmental bonds in international markets.

On his side, the AFC CEO added that his institution also contemplates cooperation with the Egyptian Ministry of Transport to gain experience in the sector of underground metro.

Zubairo further added that the AFC is following closely the economic performance of Egypt, and the enhancement in the ratings of its business environment expressing admiration for the leap achieved over the past seven years. He also underlined the impact of expanding reliance on renewable energy on reducing electricity prices, which contributes in attracting more investments.

The CEO of the AFC expressed interest in working with the Egyptian government to bolster Egyptian investments in Africa, and fund projects in Egypt capitalizing on its wide network on the continent and beyond, and its ability to mobilize funds internationally.