Ways of boosting co-operation and supporting economic development efforts across Africa, were at the core of talks which Egypt’s Minister of Foreign Affairs, International Co-operation and Egyptian Expatriates Badr Abdel-Aati , held on Thursday with President of the Arab Bank for Economic Development in Africa (BADEA), Abdullah Al-Musaibeeh.
During the meeting with Al-Musaibeeh, Abdel-Aati said Egypt looks forward to deepening co-operation with BADEA over the coming period in a manner that supports sustainable development in African countries and strengthens economic ties between Arab states and Africa.
He also underscored Egypt’s commitment to supporting the role of Arab financial institutions in promoting trade and investment, boosting intra-African trade between Egypt and African countries in coordination with Egyptian banking institutions and with the participation of the private sector.
The Egyptian chief diplomat lauded BADEA’s vital role in financing development projects across Africa. He also highlighted Egypt’s extensive experience on the continent, particularly in energy, water resource management, port development, and pharmaceutical manufacturing.
He also referred to the contributions of the Egyptian Agency of Partnership for Development (EAPD) and the Egyptian private-sector companies operating in various African countries.
Minister Abdel-Aati stressed the importance of exploring trilateral co-operation opportunities among Egypt, BADEA, and African countries, leveraging Egypt’s expertise in implementing development projects, and enhancing the bank’s contribution to Egypt-led initiatives supporting development across the continent.
Such co-operation could include financing, technical assistance, capacity-building programmes, and support for intra-African trade within the framework of the African Continental Free Trade Area (AfCFTA).
The minister reiterated the importance Egypt places on enhancing its ties with African countries. In this respect, He highlightied Egypt’s development efforts in support of the Southern Nile Basin states.
These efforts include launching a financing mechanism to study and implement priority development and infrastructure projects, as well as establishing the Export Credit Guarantee of Egypt (EGE) to encourage Egyptian companies to expand their investments and operations in African markets by providing guarantees that help mitigate investment risks.
For his part, the BADEA chief commended Egypt’s pivotal role in advancing Arab-African co-operation and its active contribution to boosting economic and investment ties among African countries, thereby backing development and prosperity across the continent. He voiced his desire to enhance cooperation with the Egyptian government and private sector in implementing development projects throughout Africa.
