Egypt Inks 11 Agreements on Sidelines of Africa Investment Forum

On the sidelines of the Africa 2019 Investment Forum, which kicked off on Friday in the New Administrative Capital (NAC), Egypt's Prime Minister Dr. Mostafa Madbouly attended the signing ceremony of eleven investment cooperation agreements, announcing that the coming period will witness further investments.

The forum is being held on the auspices of President Abdel-Fattah El-Sisi.

The deals included two Memorandums of Understanding (MoUs) with Djibouti and Angola, in addition to other development agreements with Kuwait, France, China, the European Bank for Reconstruction and Development (EBRD) and the European Investments Bank EIB.

The investment and economic cooperation agreements signed with Djibouti and Angola come in pursuance of President El-Sisi's directives to foster economic cooperation with African states, in light of Egypt's current presidency of the African Union (AU).

The Egyptian investments in Africa hit $11.3 billion, while the African investments in Egypt reached $3 billion.

The deals covered aspects of cooperation in the fields of education, vocational training, small and medium-sized enterprises (SMEs), housing, energy and satellite technology.

It is noteworthy that Egypt’s Minister of Investment and International Cooperation Dr. Sahar Nasr and Angola's Minister of Economy and Planning Pedro Luis Da Fonseca signed a memorandum of understanding on economic and investment cooperation.

"The deal seeks to promote investment cooperation ties in various fields, including agriculture, tourism, industry, manufacturing, infrastructure, mining and healthcare," Nasr added

During the forum, CEO of the United States International Development Finance Corporation (DFC) Adam S. Boehler said that Egypt has shown a fantastic performance in luring investments to the energy sector, particularly after large gas discoveries in the Mediterranean.

Delivering a speech at the Africa forum, he added that the DFC pays special attention to investment in the energy sector in Africa, especially in Egypt.

Boehler pointed out that the corporation shares with the Egyptian government in boosting investment in natural gas to ensure that all Egyptians are benefiting from it.