CAIRO – Egyptian President Abdel Fattah El Sisi on Thursday attended the launch of 29th annual meetings of the Africa Export-Import Bank (Afreximbank) in the New Administrative Capital.
The meetings are organised by the Central Bank of Egypt in co-operation with Afreximbank.
More than 3,000 high-profile international and government bankers and officials are taking part in the gathering.
Themed “Realising the AfCFTA Potential in the post Covid-19 Era — Leveraging the power of the youth”, the Afreximbank annual meetings will include Advisory Group Meetings and the Annual General Meeting of Shareholders, complemented by seminars and plenaries.
Afreximbank annual meetings are open to banking industry professionals, finance practitioners and other parties involved in economic development from across Africa and beyond.
Governor of the Central Bank of Egypt Tarek Amer said on Thursday that the consecutive international developments have burdened African economies which have been already suffering from several problems.
He made the remarks during the 29th annual meetings of the African Export–Import Bank (Afreximbank) (AAM2022) which kicked off on Thursday in the New Administrative Capital in the presence of President Abdel Fattah El Sisi.
Amer said the whole world, especially regional and international financial institutions, has been closely following up the successive developments which rattled most of world economies.
He said both developing and developed countries are suffering from major problems and challenges, especially with regard to rising inflation rates.
He added that African countries are suffering from several domestic problems in addition to foreign shocks.
He noted that the African countries and regional financing institutions have borne the burdens of allocating a large part of their budgets and financing programmes to secure anti-coronavirus vaccines.
Amer added that the coronvirus has burdened African economies depending on importation and tourism in view of travel restrictions ensuing from the pandemic.
He added that the rising prices of staple food commodities over geopolitical instability have overshadowed the international economy in general and the African economy in particular, referring to the rising energy prices which consequently affected supply chains and shipping costs.
Central Bank of Egypt (CBE) Governor Tarek Amer said the state injected huge funds into the economic sectors, especially the private sector.
He added that the CBE has intervened to maintain stability of the exchange rates.
He noted that the economic reform programme has provided some protection and helped restructuring hard currency resources in view of the international geopolitical crises and rising food prices.
