Egypt works hard to contain current, future inflation, maintain jobs, investments: CBE Governor

Shaimaa Al-Aees
3 Min Read

Egypt works hard to fight the current and future inflation, maintain growth, and protect jobs. This is a very difficult formula to keep investments and put inflation under check, which the Central Bank of Egypt (CBE) is currently struggling about. Nevertheless, some other central banks are accused of acting late, according to Governor of the CBE Tarek Amer.

During the opening of the 29th Afreximbank Annual Meetings on Wednesday, Amer said: “We are happy that we still have inflation under reasonable control, considering the global inflation, however, we keep thinking about solutions for the unprecedented crisis in the world.”

Amer highlighted the importance of the event which also reflects the Egyptian government’s interest in increasing cooperation with African countries.

President Abdel Fattah Al-Sisi will participate in the Afreximbank meeting on Thursday. Amer noted that over the past seven years, Egypt-Africa relations have gained momentum thanks to Cairo’s different foreign policy. “Every time we meet our African partners, we feel more connected and want to do much more,” he added.

Amer also said: “I believe African problems need African solutions. We need to work together closely to come up with solutions, namely Afreximbank, African Development Bank, and other banking institutions.”

He added: “The African continent faces big challenges which require the support of people. At the CBE, we cooperate with the community to find solutions to our problems. The government of Egypt will never hesitate to support African institutions with capital, resources, and support.”

“There is a great desire to increase the role of Afreximbank in supporting African trade, and we will support it by increasing volume of capital and business.”

Meanwhile, Benedict Oramah, the President of Afreximbank, said that the Egyptian government, through the CBE, is a strong supporter of Afreximbank. Egypt leads the way whenever it matters.

“With the support of 50 participants, we have been able to mobilise $35bn in the last 4-5 years,” Oramah revealed, adding that the bank is committed to promote trade in all the countries of the continent, n order to facilitate the AfCFTA.

Youth are the catalyst of the African economic transformation as 85% of the continent’s population is under 45 years. Consequently, Afreximbank is interested in the growth of small businesses and promoting integration between national, regional, and continental value chains, he disclosed.

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