Egypt’s Al-Mashat, Afreximbank President discuss boosting cooperation, trade, development

Daily News Egypt
3 Min Read

Rania Al-Mashat, Egypt’s Minister of International Cooperation, met with Benedict Oramah, President of the African Export-Import Bank (Afreximbank), to discuss expanding their partnership on key development issues.

The meeting, held at the Ministry’s headquarters in the New Administrative Capital, focused on enhancing South-South cooperation, food security, and private sector investment across Africa.

Minister Al-Mashat welcomed the constructive relationship between the Egyptian government and private institutions with Afreximbank. Discussions centred on leveraging Egypt’s development experience and expertise to benefit other African nations.

They explored collaboration in food security, a critical issue for the continent. This includes joint efforts to boost agricultural investment and strengthen food production systems.

Focus on Private Sector

The meeting also highlighted the role of the private sector in driving African development. Al-Mashat expressed interest in integrating Afreximbank’s private sector support efforts with the Ministry’s “Hub for Advisory, Finance & Investment for Enterprises” platform. This platform connects businesses with development partners and financing opportunities.

Both parties acknowledged the importance of development partners in providing financial and technical support. Al-Mashat highlighted the success of securing $10.3bn in soft financing and contributions over the past four years.

Aligning with National Priorities

The Minister outlined Egypt’s approach to international cooperation, emphasizing alignment with national development priorities. This includes Vision 2030, the National Climate Change Strategy, and the government’s economic programme.

Transparency and accountability were identified as key principles for effective collaboration. Al-Mashat explained the Ministry’s efforts to translate national strategies into international projects that support these goals.

The discussions also addressed measures to improve development cooperation effectiveness. These include mapping development financing with the UN Sustainable Development Goals and launching an electronic data management system for concessional financing projects.

A Pivotal Partnership

Afreximbank President Oramah acknowledged the bank’s strong relationship with Egypt, particularly its appreciation for government support in hosting the Intra-African Trade Fair in Cairo last year.

He highlighted the bank’s extensive partnership with Egyptian institutions, providing $30bn in financing over the past five years, including $16bn to the financial sector. This support has been instrumental in enabling Egyptian companies to expand their reach across Africa.

The expanded discussions between Egypt’s Ministry of International Cooperation and Afreximbank mark a significant step towards a more robust partnership for advancing development and economic prosperity across Africa.

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