Foreign Minister Invites Arab Bank for Economic Development in Africa to Leverage Egyptian Expertise

جانب من اللقاء.

Dr. Badr Abdel-Aty, Egypt’s Minister of Foreign Affairs and International Cooperation, welcomed Abdullah Al-Musaybi, President of the Arab Bank for Economic Development in Africa, today to discuss ways to enhance mutual cooperation and support economic development efforts across the African continent.

The Foreign Minister expressed eagerness to strengthen collaboration with the bank in the upcoming phase, aimed at promoting sustainable development in African nations while enhancing economic ties between Arab countries and Africa. He emphasized the commitment to support the role of Arab financial institutions in stimulating trade and investment, thereby invigorating intra-African trade in coordination with Egyptian banking institutions and involving the private sector.

Minister Abdel-Aty praised the vital role played by the bank in financing developmental projects on the continent. He highlighted Egypt’s extensive experience in Africa, particularly in energy, water resource management, port development, and pharmaceutical manufacturing through the Egyptian Agency for Partnership for Development and private Egyptian companies operating across various African nations.

The minister also noted the importance of exploring opportunities for trilateral cooperation between Egypt, the bank, and African countries, leveraging Egyptian expertise in implementing development projects. He underscored the need to enhance the bank’s contribution to initiatives launched by Egypt to support development on the continent, whether through financing or technical support and capacity building. Additionally, he mentioned supporting intra-African trade as part of implementing the African Continental Free Trade Agreement.

Minister Abdel-Aty reiterated Egypt’s commitment to strengthening its relationships with African nations. In this context, he reviewed developmental efforts aimed at supporting southern Nile Basin countries, including launching a financing mechanism for studying and executing priority developmental and infrastructure projects. Furthermore, he mentioned establishing the Egyptian Agency for Export Credit Guarantee and Investment to encourage Egyptian companies to expand their investments and activities in African markets by providing necessary guarantees to mitigate investment risks.

For his part, the President of the bank commended Egypt’s pivotal role in fostering Arab-African cooperation and its active contributions toward solidifying economic and investment ties among African nations. He expressed his desire to enhance collaboration with both the Egyptian government and private sector to support developmental projects across various African countries.