Finance

Egypt: President Al-Sissi announces the launch of a guarantee fund to encourage investments in Africa

Thursday, 13 December 2018 17:20
Egypt: President Al-Sissi announces the launch of a guarantee fund to encourage investments in Africa

(Ecofin Agency) - On December 9, 2018, Egyptian President Abdel-Fattah al-Sissi (photo) announced the launch of a guarantee fund to encourage Egyptian companies to make more investments in Africa.  

"This fund is aimed at serving the common interest of Egypt and that of the other African countries and boost the cooperation and transfer of Egyptian expertise to countries in the continent in sectors closely related to their development", the head of state said during the closing ceremony of the Egypt-Africa forum organized in the Egyptian seaside resort Charm al-Cheikh.

According to the official, Egyptian investments in Africa reached $1.2 billion during the first eleven months of 2018.

The Egypt-Africa economic forum was organised by Egypt’s ministry of investments and international cooperation with the support of the Common Market for Eastern and Southern Africa (COMESA).

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