Egypt wants to increase trade and investment in Africa

Egypt has called for increased cooperation among African nations to boost economic growth, with a focus on facilitating trade and investment across Africa.

Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, who is also Egypt’s Governor at the World Bank Group, made the remarks at the Africa Caucus 2024 meeting in Abuja, Nigeria, this week.

The meeting, hosted by the governors of the International Monetary Fund and the World Bank Group, aimed to identify ways to accelerate intra-African trade as a catalyst for sustainable economic growth.

Al-Mashat stressed the importance of strengthening partnerships with multilateral development banks like the World Bank to address Africa’s development challenges and advance the continent’s Agenda 2063.

“We are working to increase the financial resources made available to African countries by international institutions to support the implementation of the 2063 development agenda,” she said.

Egypt seeks to integrate deeper with its African counterparts, as envisioned in its Vision 2030 plan, Al-Mashat said. The country also wants to promote South-South cooperation to share development experiences and best practices.

The minister added that the meeting in Nigeria was an opportunity to strengthen collaboration with the World Bank and other stakeholders to activate the African Continental Free Trade Area (AfCFTA) agreement.

The main topics discussed at the meeting included:

• Standardization of payment systems across Africa.
• Accelerate digital transformation.
• Developing sustainable infrastructure.
• Implement policies to promote digitalization.
• Improving access to finance for startups and digital technology.
• Strengthening regional integration.

The World Bank and the African Development Bank have announced a joint initiative to provide electricity to 300 million Africans by 2030 through renewable energy systems and distribution networks.

The meeting also discussed the 21st replenishment of the International Development Association (IDA), the World Bank’s fund for the poorest countries.

Al-Mashat stressed the importance of institutions affiliated with the World Bank Group, such as the International Finance Corporation and the Multilateral Investment Guarantee Agency, in supporting private sector development in Africa.

The minister noted that the World Bank has produced several reports on Africa’s development challenges, including studies on digitalization, land policies and structural reforms to boost the private sector.

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