Egypt : President instaures special fund for promoting his countrymen private investments in Africa

Egypt's President Abdel Fattah El-Sisi speaks at the inauguration of Africa 2018 in Sharm El-Sheikh. Photo : Egyptian Presidency

NEWSROOM (ADV) – Egyptian President Abdel-Fattah al-Sisi announced on Sunday the launch of a risk insurance fund to encourage Egyptian entrepreneurs to invest in Africa.

Speaking at the closing ceremony of the Africa 2018 Forum in Egypt’s Sharm El-Sheikh city, Sisi also announced the creation of an investment fund in the information technology infrastructure in Africa, based on the most up-to date technological systems, in order to build modern economies.

The two-day Africa Forum 2018 kicked off on Saturday in Sharm el-Sheikh with the participation of a number of African leaders from the countries of the Common Market for Eastern and Southern Africa (COMESA).

The forum tackled issues, among others, infrastructure, entrepreneurship, investment, and women-related issues across the African continent.

More than 3,000 African entrepreneurs have participated in the forum, discussing infrastructure, entrepreneurship, investment, and women-related issues across the African continent.

Earlier on Sunday, Sisi revealed that Egypt has been keen to increase its investments in Africa, which increased during in 2018 by 1.2 billion U.S. dollars to reach a total of 10.2 billion U.S. dollars.

“This aims to achieve the common interests of Egypt and African countries, as well as increase cooperation and transfer of Egyptian expertise to the countries of the continent in fields closely related to development,” Sisi said.

The event is organized by the Egyptian government through the Ministry of Investment and International Cooperation and COMESA Regional Investment Agency (RIA).

Meanwhile, Sisi said he also decided to negotiate with international institutions to support infrastructure, which is the cornerstone of real development, including accelerating the completion of the Cairo-Cape Town route, so as to integrate the continent and expand trade between African countries.

© Bur-csa – A.H / N.A – African Daily Voice (ADV) – Follow us on Twitter : @ADVinfo_eng