Egyptian Foreign Minister Emphasizes the Importance of Strengthening the Role of the Arab Bank for Economic Development in Africa
Cairo, Aug 16 (KUNA) – Egyptian Foreign Minister Dr. Badr Abdelatty emphasized today, Sunday, the importance of enhancing the Arab Fund for Economic Development in Africa’s contributions to development and infrastructure projects on the 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 during a meeting between Abdelatty and Fahd Al-Dosari, Chairman of the Arab 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 Arab Fund, describing it as one of the main pillars of Arab-African cooperation, and affirmed his country’s commitment to promoting sustainable development and strengthening economic and developmental cooperation among African nations. He highlighted the importance of building on the meeting he held with the Fund’s Chairman in Washington on the sidelines of the International Monetary Fund and World Bank 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 constant priority of Egypt’s foreign policy, expressing hope for expanding the Fund’s contributions to Egyptian initiatives aimed at supporting development on the continent, in addition to technical assistance programs implemented by the Egyptian Agency for Partnership for Africa.
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 such measures would contribute to increasing the volume of intra-African trade and enhancing the market access of Egyptian products in African markets.
Abdelatty called on the Chairman of the Arab Fund for Economic Development in Africa to participate actively in the Africa Business Forum, scheduled to be held in Alamein City 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. (End) M.M. / M.A.H.A.
