Egypt keen on boosting investment ties with Africa: minister

CAIRO - 23 October 2018: Minister of Investment and International Cooperation Sahar Nasr on Monday affirmed the government's keenness on boosting trade and investment ties with African countries.

Nasr asserted also Egypt's support for development efforts in Africa in the technology, mechanization, infrastructure, entrepreneurship and youth empowerment fields.

Cairo will work on assisting African countries through its international expertise to get finance from the World Bank and other world institutions, Nasr said during a meeting with the parliament's African affairs committee.

National banks will support Egyptian investment projects in Africa by providing long-term loans at a low interest rate, she told the lawmakers.

Egypt will also establish a capital guarantee fund to operate in the continent, said the minister.

She invited the lawmakers to take part in Africa Forum 2018, to be hosted by Sharm El Sheikh in December under the under the auspices President Abdel Fattah El Sisi.

The event s co-organized by the Ministry of Investment and International Cooperation, the General Authority for Investment and Free Zones and COMESA Regional Investment Agency (RIA).

So far, 12 presidents have confirmed their participation in the forum that aims to promote greater economic integration through more investments in Africa, Nasr said.

As Egypt will hold the chairmanship of the African Union in 2019, the forum will help in forming Africa's agenda for the next year, she noted.