By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Kuwait extends maturity of $2bn deposit at CBE to September 2023
    Kuwait extends maturity of $2bn deposit at CBE to September 2023
    March 26, 2023
    Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
    Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
    March 25, 2023
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
  • Politics
    PoliticsShow More
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    March 26, 2023
    Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
    Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
    March 26, 2023
    Egypt participates in Earth Hour initiative 
    Egypt participates in Earth Hour initiative 
    March 26, 2023
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt announces Sharm El Sheikh Declaration, ending African Caucus annual meetings
Share
Notification
Latest News
Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Politics Egypt
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Business
Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
Politics Egypt
Egypt participates in Earth Hour initiative 
Egypt participates in Earth Hour initiative 
Environment Politics
Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Business Technology
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Egypt announces Sharm El Sheikh Declaration, ending African Caucus annual meetings
Business

Egypt announces Sharm El Sheikh Declaration, ending African Caucus annual meetings

Hagar Omran
Last updated: 2018/08/06 at 7:01 PM
By Hagar Omran 4 Min Read
Share
SHARE

Ending the two-day 2018 African Caucus annual meetings on Monday, Sahar Nasr, minister of investment and international cooperation, and Finance Minister Mohamed Moeit, announced that the Sharm El Sheikh declaration, in the presence of World Bank’s (WB) Vice President for Africa Hafez Ghanem.

The governors of African countries at the WB and the International Monetary Fund (IMF) agreed to co-work to remove obstacles that hinder the private sector’s injecting investments. The governors also affirmed their commitment to policies that support boosting investments and inclusive, sustainable economic growth, as well as adjusting legal frameworks and adopting simplified measures for investment promotion.

The WB and the IMF affirmed their support for Egypt’s heading of the African Union (AU) and the governmental strategy to boost cooperation with African countries with the aim of achieving sustainable economic growth for the African countries.

“We take the opportunity to renew our appreciation for the supportive work of IMF and the WB,” the Sharm El-Sheikh Declaration mentioned, adding that most of the African countries continue to implement economic reforms which aimed at enhancing competitiveness, diversifying investments and expanding exports base.

Countries agreed on the establishment of special economic zones, the promotion of domestic and foreign direct investments and the announcing of tax incentives for investors, added the Sharm El-Sheikh Declaration.


“We welcome the new regional integration strategy of the WB and look forward to accelerating and expanding projects in agriculture and energy sectors, which will deepen industrialization and enhance competitive value and the chain of exports,” noted the Sharm El-Sheikh Declaration. 

The declaration emphasized the importance of coordination between the WB and African governments to maximize using funds for development, giving priority to projects with significant developmental and social impact which contribute to achieving sustainable development goals.

The African governors agreed with the WB and the IMF that the digital transformation had recently emerged as an effective tool to enhance access to finance, including financing for women, small and medium-sized enterprises, according to the declaration. 

“Several African countries are leaders in business success stories, which led to a significant impact on poverty reduction and achieving development goals,” noted the declaration, calling for increasing African staff representation in the WB and IMF.

“Our discussions with African ministers were very important as well as our agreed visions,” said Nasr, noting that both sides agreed on redoubling efforts to meet current challenges, adding, “a majority, if not all, of our African countries are implementing economic reforms and ambitious economic development plans.

The African ministers agreed that these plans should diversify our economic bases and increase our integration into the global economy,” said Nasr affirming the importance of developing legislative and executive mechanisms to create the appropriate climate to encourage and attract investments. 

For his part, Moeit said that the African Caucus annual meetings focused on discussing boosting the overall growth of the African continent, increasing the role and contribution of the private sector investments and the boosting African exports. 

The minister added that the meetings aimed at reaching unified proposals and policies that would help the African continent to deal with the global and development challenges.

You Might Also Like

Kuwait extends maturity of $2bn deposit at CBE to September 2023

Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp

TikTok updates its community guidelines

IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses

Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023

TAGGED: African Caucus, Sharm El Sheikh
Share this Article
Facebook Twitter Email Print
Previous Article Egypt’s foreign debt jumps to $88.1bn end-March: CBE
Next Article MIGA of WB, increases its investments in Egypt
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Politics Egypt
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Business
Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
Politics Egypt
Egypt participates in Earth Hour initiative 
Egypt participates in Earth Hour initiative 
Environment Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?