Written by: Mohammed Omran
Dr. Badr Abdel-Aati received, andMinister of Foreign Affairs and International Cooperation Egyptians abroad met today with Abdullah Al-Musaibih, President of the Arab Bank for Economic Development in Africa, to discuss ways to enhance joint cooperation and support economic development efforts in the African continent.
The Foreign Minister meets with the President of the Arab Bank for Economic Development in Africa.
The Foreign Minister expressed his hope to enhance cooperation with the bank during the next phase, in a way that supports sustainable development efforts in African countries and strengthens economic ties between Arab countries and the African continent. He stressed Egypt’s keenness to support the role of Arab financial institutions in stimulating trade and investment, and revitalizing intra-regional trade between Egypt and African countries, in coordination with Egyptian banking institutions and with the participation of the private sector.
Minister Abdel-Aty also praised the vital role played by the bank in financing development projects on the continent, reviewing the accumulated Egyptian expertise in Africa, especially in the fields of energy, water resources management, port development and pharmaceutical manufacturing, through the Egyptian Agency for Partnership for Development and Egyptian private sector companies operating in various African countries.
The minister stressed the importance of exploring trilateral cooperation opportunities between Egypt, the bank and African countries, benefiting from Egyptian expertise in implementing development projects, and enhancing the bank’s contribution to initiatives launched by Egypt to support development in the continent, whether through financing, technical support and capacity building, as well as supporting intra-African trade within the framework of implementing the African Continental Free Trade Agreement.
The Foreign Minister stressed the importance that Egypt attaches to strengthening its relations with African countries, reviewing in this context the development efforts it is making to support the countries of the southern Nile Basin, including launching a financing mechanism to study and implement priority development and infrastructure projects, in addition to establishing the Egyptian Agency for Export and Investment Guarantee, with the aim of encouraging Egyptian companies to expand their investments and activities in African markets by providing the necessary guarantees to mitigate investment risks.
For his part, the bank’s president praised Egypt’s pivotal role in supporting Arab-African cooperation and its effective contributions to strengthening economic and investment ties between African countries, which contributes to achieving development and prosperity for the peoples of the continent. He expressed his hope to enhance cooperation with the Egyptian government and the Egyptian private sector to support the implementation of development projects in various African countries.
