Latest news with #MinistryofInternationalCooperation
Egypt Today
16-04-2025
- Business
- Egypt Today
Afreximbank to Channel $2 Billion into Egypt's Economy in 2025
Cairo – April 16, 2025: Afreximbank is gearing up to deliver $2 billion in financial support to Egypt next year, a move that aligns with the country's broader goals of becoming a key trade and investment hub in Africa. Announced during the FOCUS Africa Investment and Trade Forum in Cairo, the plan was outlined by Ayman El-Zoghbi, who leads Intra-African Trade, Investment, and Corporate Finance at the bank. According to El-Zoghbi, the funding will be split between direct financing—targeting vital areas like the banking sector and essential goods—and indirect financing, which will back African ventures driven by Egyptian companies. The forum, jointly organized by Afreximbank, Egypt's Ministry of International Cooperation, and the Group of African Ambassadors, brought together policymakers and business leaders to explore synergies under the African Continental Free Trade Area (AfCFTA). Egypt's long-term investment strategy was also highlighted during the event. The country aims to draw $60 billion in foreign direct investment by 2030 and increase its annual exports to $145 billion, leveraging its geographic advantages and manufacturing capabilities. Benedict Oramah, President of Afreximbank, pointed to Africa's evolving trade footprint, noting that the continent's share in global trade has risen from 10 percent in the 1990s to 15 percent by the end of 2023. He added that Africa's GDP has now reached $3 trillion, signaling growing economic momentum. Further emphasizing the continent's development potential, Kanayo Awani, Afreximbank's Deputy President, disclosed that the bank has already extended $13 billion in support to African contractors working on infrastructure projects. She underscored the importance of African-led financing solutions to meet the continent's infrastructure needs. Awani also highlighted the transformative role of the AfCFTA, describing it as a crucial mechanism for enhancing manufacturing, boosting intra-African trade, and spurring internal economic growth. Egypt's Minister of Planning and Economic Development, Rania Al-Mashat, noted that private sector participation now accounts for 63 percent of total investments in the country—a sign of the sector's growing influence in Egypt's economic landscape. She stressed the value of regional cooperation and strong partnerships among African nations to enhance knowledge exchange and strengthen local enterprise capacity. Al-Mashat also reiterated Egypt's dedication to major infrastructure ventures, referencing ongoing megaprojects such as the New Administrative Capital and expanded transportation networks. Representing the diplomatic community, Mohamadou Labarang, Dean of the African Ambassadors Group in Cairo, praised the forum as a critical link between investment capital and real-world implementation. He reaffirmed the potential of the AfCFTA to drive industrialization and economic self-sufficiency across Africa. Labarang also encouraged Middle Eastern investors—particularly in Egypt—to seize the opportunities created by the trade agreement, calling for deeper regional engagement in Africa's development story.
CairoScene
05-03-2025
- Business
- CairoScene
Egypt to Receive EUR 90M From European Commission for Food Security
The GASC previously received USD 100 million in financing to import wheat from the Abu Dhabi Exports Office. Mar 05, 2025 The Ministry of International Cooperation has announced that the European Commission signed a EUR 90 million soft funding agreement to enhance food security in Egypt. The initiative is part of the Food Resilience Project, whose financing totals over EUR 200 million. The EUR 90 million is specifically being provided by the European Investment Bank (EIB), which aims to improve grain storage and general infrastructure for Egypt's General Authority for Supply Commodities (GASC). The GASC previously received USD 100 million in financing to import wheat from the Abu Dhabi Exports Office.
CairoScene
13-02-2025
- Business
- CairoScene
Orange Corners to Assist Startups in Seven Egyptian Governorates
The programme, which aims to empower young entrepreneurs, will cover Luxor, Assiut, Alexandria, Menoufia, Dakaklia, Kafr El-Sheik and Beheira. Feb 13, 2025 The Ministry of Planning and Economic Development, and the Ministry of International Cooperation announced the expansion of the Orange Corners programme to support startups in seven governorates. The programme will now cover Luxor, Assiut, Alexandria, Menoufia, Dakaklia, Kafr El-Sheik and Beheira. A programme aiming to empower and assist young entrepreneurs, Orange Corners is a partnership between Egypt and the Netherlands, as well as private sector institutions such as the Bank of Alexandria and City Edge Developments. The programme has supported over 115 startups, 58% of which are female-led, across key sectors, including agriculture, waste management, health, education, e-commerce and financial technology. The ministry stated that the programme will aim to support 130 companies across a range of industries in 2025.
