President calls for stronger African financing mechanisms
President Abdel Fattah El-Sisi announced the adoption of the “Alamein Declaration”, reaffirming the important role of the founding states of the African Union Development Agency (AUDA-NEPAD). He also stressed NEPAD’s pivotal role as the continent’s leading development agency and its contribution to implementing Agenda 2063.
President Sisi made the remarks on Saturday while co-chairing the Summit of the Founding States of AUDA-NEPAD in New Alamein City with Angolan President João Lourenço, Chairperson of the agency’s Heads of State and Government Orientation Committee.
The summit brought together leaders and representatives of the agency’s founding states — Egypt, Algeria, Nigeria, Senegal and South Africa — along with Burundi’s President, in his capacity as current African Union Chairperson, representatives of the African Union Commission and AUDA-NEPAD Chief Executive Officer Nardos Bekele-Thomas.
The summit discussed ways to strengthen AUDA-NEPAD’s role in supporting development efforts across Africa. It also tackled means of mobilising resources for development projects, advancing the implementation of Agenda 2063 and enhancing co-ordination among African states in addressing shared economic and development challenges, Presidency Spokesman Ambassador Mohamed El-Shennawy said.
In his opening remarks, President Sisi said NEPAD had evolved since its launch in 2001 into the African Union’s implementing arm for translating the objectives of Agenda 2063 into tangible development projects.
He stressed the need to strengthen the agency’s institutional capacities and develop its mechanisms to keep pace with Africa’s growing development needs. He also highlighted technology, digital transformation, innovation, human capital, youth empowerment and private-sector investment as key drivers of sustainable development.
President Sisi went on to say that Egypt had made development financing a priority during its chairmanship of the agency’s Orientation Committee, including efforts to address financing gaps that remain a major challenge to the continent’s development.
He highlighted the Alamein-Africa Business Forum, which will be held every two years. He also hailed efforts to establish an African Union development fund under the “Team Africa” initiative to boost the African continent’s capacity to implement major development projects.
In his closing remarks, the president called for greater African reliance on the continent’s own resources and the development of African financing mechanisms. He stressed that genuine development should be driven by Africans themselves through their knowledge, work and innovation.
He also highlighted the role of the African private sector in accelerating implementation of the second 10-year plan of Agenda 2063, welcoming the Alamein-Africa Forum as a permanent biennial platform bringing together policymakers, business leaders and financial institutions.
Concluding his address, President Sisi thanked Angola for co-hosting the summit with Egypt and announced the conclusion of its proceedings.
