Afreximbank to Establish Largest African Headquarters in Egypt's New Administrative Capital

In a significant move towards bolstering Egypt-Africa relations, a landmark agreement was signed on August 31 between the African Export-Import Bank (Afreximbank) and the Administrative Capital for Urban Development Company. The pact paves the way for Afreximbank to acquire a sprawling 50,000 square meter land plot within Egypt's emerging New Administrative Capital. This sizable investment aims to build Afreximbank's largest headquarters on the African continent, complete with an integrated complex featuring a trade center, a hotel, conference and exhibition halls.

The contract was formally endorsed by Khaled Mahmoud Abbas, Chairman and Managing Director of the Administrative Capital for Urban Development, and Professor Benedict Orama, President of Afreximbank. The signing event witnessed participation from Ambassador Yasser Reda, Egypt's Assistant Foreign Minister for Financial and Administrative Affairs, alongside other prominent Egyptian foreign ministry officials and key executives from Afreximbank.

Ambassador Yasser Reda emphasized that the successful negotiation reflects Egypt’s ongoing commitment to deepening its collaboration with African nations. He noted that the Egyptian Foreign Ministry has been actively promoting the diplomatic district in the New Administrative Capital, an initiative that has spanned over three years and involved direct engagements with foreign missions accredited in Egypt.

Khaled Mahmoud Abbas lauded the Foreign Ministry's role in successfully promoting the diplomatic quarter and stated that projects like this have made the New Administrative Capital an increasingly attractive proposition for foreign investments.

Afreximbank is Africa’s first multi-lateral financial entity that collaborates closely with the African Union with the aim to foster intra-African and global trade. With seven branches across Africa, the bank enjoys a status akin to international organizations accredited within Egypt.

The upcoming Afreximbank headquarters is designed to be a monumental landmark within the diplomatic district of the New Administrative Capital. The comprehensive complex will serve as a central hub for international trade services, housing an "African Trade Center," a hotel, conference and exhibition halls, and a center for innovation.

The total initial investment for this expansive development is estimated at $32 million, signaling a major financial milestone in enhancing Egypt-Africa relations.