Egypt spends about $500B in 7 years to achieve its development goals: Sisi

CAIRO - 16 June 2022: Egypt has spent about $500 billion over the past seven years, to achieve its development goals and meet the needs of the Egyptian people, President Abdel Fatah El-Sisi said Thursday during the 29th annual meetings of the African Export-Import Bank (Afreximbank) in the administrative capital.

 

Sisi added during his speech that infrastructure must be developed in Africa to change the face of the African continent.

 

“Infrastructure in Africa must be ready for development,” the President added, noting that infrastructure projects must be implemented to achieve African integration.

 

According to Egypt’s President, Africa will only overcome its challenges by solving the problems between the African continent.

 

“Security stability is a key requirement to achieve economic investment in African countries,” he elaborated, pointing out that political implementation in Africa is linked to economic capacity.

 

He stated that concrete mechanisms must be put in place to achieve Africa's Dream 2063.

 

The cost of rehabilitating and cultivating one million feddans amounts to LE 200 billion, equivalent to $30 billion, Sisi noted.

 

He referred that the monthly volume of Ukraine's wheat disbursement reaches 5 million tons

 

President Sisi called on banks, financial institutions and the financial community to pay attention to the conditions of the African continent.

 

President Abdel Fatah El-Sisi witnessed, Thursday morning, the launch of the 29th annual meetings of the African Export-Import Bank (Afreximbank), in the new administrative capital.

 

More than 3,000 high-level banking, governmental and international personalities are participating in the meetings, organized by the Central Bank of Egypt (CBE) in cooperation with Afreximbank, in the presence of central bank governors, African heads of government and ministers, and representatives of international and regional organizations, led by the United Nations, the African Union, and the International Monetary Fund, in addition to representatives of banks, bodies and international experts.

 

The Afreximbank is a pan-African multilateral financial institution concerned with financing and promoting trade within and outside Africa, and is working to innovate financing solutions that support the transformation of the structure of trade in Africa, accelerate industrialization and trade within the region, and thus promote economic expansion in Africa.

 

The bank which is supporting the African Continental Free Trade Agreement (AfCFTA) launched the Pan-African Payment and Settlement System (PAPSS) adopted by the African Union as the payment and settlement platform to support the implementation of the AfCFTA.

 

Afreximbank is working with the African Union and the AfCFTA Secretariat to develop the Adaptation Facility to support countries for effective participation in the AfCFTA.