Abdul-Aziz: Importance of Strengthening the Role of the Arab Bank for Economic Development in Africa

Egyptian Foreign Minister Dr. Badr Abdelatty emphasized the importance of enhancing the Arab Fund for Economic and Social Development’s contributions to development and infrastructure projects on the African continent, and of leveraging Egypt’s accumulated expertise in this field. The Egyptian Ministry of Foreign Affairs stated in a press release that this came on Sunday during a meeting between Abdelatty and Fahad Al-Dosari, Chairman of the Fund’s Board of Directors, to discuss ways to support Egyptian companies operating in Africa and to advance economic development efforts on the continent.

Abdelatty expressed Egypt’s pride in the existing partnership with the Fund, describing it as one of the main pillars of Arab-African cooperation, and reaffirmed his country’s commitment to promoting sustainable development and strengthening economic and developmental cooperation among African nations. He pointed to the importance of building on the meeting he held with the Fund’s Chairman in Washington on the sidelines of the World Bank and International Monetary Fund Spring Meetings, and of utilizing the outcomes reached to enhance bilateral cooperation in supporting development efforts on the continent.

He stressed that supporting development in Africa remains a fixed priority of Egypt’s foreign policy, expressing hope for expanding the Fund’s contribution to Egyptian initiatives aimed at supporting development on the continent, in addition to technical assistance programs implemented by the Egyptian Agency for International Development Cooperation. Abdelatty affirmed Egypt’s aspiration to support the Fund’s efforts to enhance intra-African trade in collaboration with Egyptian banking institutions, particularly through financing exports and imports and supply chains, and by providing guarantee instruments and risk-sharing mechanisms. He noted that this would contribute to increasing the volume of intra-African trade and enhancing the access of Egyptian products to African markets.

Abdelatty invited the Chairman of the Arab Fund for Economic and Social Development to participate actively in the Africa Business Forum, scheduled to be held in Alamein in October next year, to strengthen the partnership between the two sides and support efforts to encourage investment and trade between Egypt and African countries.