Motivation and facilitation of African companies business in Egypt to stimulate joint investments and increase technical cooperation with the countries of the continent in the fields of investment in human capital. The establishment of a fund to invest in information infrastructure and cooperation in the fields of governance and combating corruption, in addition to the provision of 250 training grants to African cadres working in the field of prevention of corruption .
Africa 2018 Forum, held under the patronage of President Abdel Fattah Al Sisi on December 8-9 in Sharm el-Sheikh, witnessed the announcement of seven important decisions at the closing panel of the Forum. In addition of signing of 30 agreements in the fields of investment, entrepreneurship, financing of SMEs, infrastructure and technical cooperation that worth $ 3.5 billion. A Day was held for entrepreneurs and women's empowerment, in addition to several sessions over two days that discussed strategies to attract investments to the continent to accelerate the growth of startups, provide a good business environment for entrepreneurs across the continent and strengthen cross-border economic cooperation. The sessions were held in the presence of the Presidents of Niger, Sierra Leone and Madagascar, a number of Heads of international financial institutions and ministers from African countries.
The Forum was an opportunity to affirm Egypt's interest to support the interests of the African continent and enhance its development process; moreover, the forum was a unique opportunity to exchange views and ideas about ways to promote comprehensive development on the African continent. The forum is considered a platform to ensure the importance of enhancing frameworks of multilateral African cooperation, contribute to economic development, and provide more job opportunities for the people of the continent, as well as discuss means of developing infrastructure and expanding the base of economic activity, all of which come within the priorities of Egypt's upcoming presidency of the African Union in 2019.
Mr. President announced the establishment of an investment risk insurance fund in Africa to encourage Egyptian investors to direct their investments to Africa, participate in the continent's development, capitalize on the vast opportunities available in the continent and negotiate with international institutions - development partners - to support the infrastructure of real development. That includes the acceleration of the completion of the Cairo-Cape Town route to integrate the continent's countries, expand trade between countries, stimulate and facilitate the African companies business in Egypt to motivate joint investments and benefit from the continuous development of the Egyptian economy. In addition to increasing technical cooperation among countries of the continent in fields of investment in human capital, digital transformation, international finance management, governance and follow-up and evaluation systems, and the establishment of a fund to invest in information infrastructure in order to support the technological development and digital transformation of the continent. The above mentioned would be carried out to build modern economies based on the latest technological systems and cooperation between Egypt and its sister countries of the continent in the fields of governance and combating corruption through exchanging expertise, training and qualifying of concerned bodies in the continent to spread the culture of governance and eliminate corruption. The second phase of the National Anti-Corruption Strategy 2019-2022 will launch within the framework of the celebration of the International Anti-Corruption Day, and activation of the National Anti-Corruption Academy, along with the provision of 250 training grants to African cadres, working in the prevention of corruption.
The recommendations of Africa 2018 Forum, which were announced by the Minister of Investment and International Cooperation- Dr. Sahar Nasr, included the activation of the measures intended to stimulate investment inflows through the mechanisms of guaranteeing investment risks across Africa, enhancing African collaboration in the fields of investment with development partners, financing institutions, and investment banks according to Africa's agenda. In addition to increasing participation between public and private sectors, especially in the implementation of connecting and transmitting networks, which would reflect the opportunities and potentials in Africa. There are also the mechanisms of utilizing the tools of technological development: artificial intelligence, digital transformation, and the use of information systems and big data and putting them to serve development efforts, creating new markets and job opportunities, continuing to empower women economically through supporting the financing programs of SMEs, as well as capacity building, qualification and technical training programs for the youth of Africa, combating corruption and establishing good governance principles.
Thirty (30) agreements were signed during the Forum: nineteen (19) agreements were signed on the first day and eleven (11) agreements were signed on the second day. Most notably of these agreements is the $1 billion worth agreement with the World Bank (WB) to support the private sector, and the memorandum of understanding (MoU) with Telecom Egypt and Liquid Telecom with investments worth $400 million.
The Suez Canal Economic Zone (SCZone) signed four (4) investment contracts, including an agreement worth $1.25 billion with Tahrir Petrochemicals Company, an agreement for the concession, design, construction, operation, maintenance and hand back a multi-purpose station at East Port-Said Port, as well as a contract for the development and transfer of usufruct for 10 km2 of the land of the SCZone, and a license contract for petrochemicals storage on 11442 m2 area at West Port-Said Port.
Kitchener Bank's project witnessed the signing of three (3) agreements between Egypt and the European Union (EU), European Investment Bank (EIB), and the European Bank for re-construction and Development (EBRD) each. The signing of these agreements was witnessed by the Prime Minister, MR. Mostafa Madbouly. GAFI signed two (2) MoUs with Ethiopia and Uganda to cooperate in the field of investment.
Kuwait Fund for Arab Economic Development (KFAED) signed five (5) agreements, including two (2) agreements with Egypt. They are the establishment of a water system in Bahr Al-Bakr and establishment of four (4) new desalination plants. Moreover, there are (i) the agreement of Mangoky River Bridge Project with the Republic of Madagascar, (ii) the agreement of Cocody Bay development with the Republic of Cote d’Ivoire, and (iii) the agreement of the extension of Mangochi Potable Water Supply Project with the Republic of Malawi. In addition, eight (8) agreements were signed in the field of entrepreneurship.
