Egypt called for a radical overhaul of African infrastructure and financing mechanisms on Saturday, warning that regional integration is no longer optional but critical for the continent’s survival amidst global geopolitical fragmentation.
Speaking at the inaugural 1st Egyptian-African Economic Conference, government officials and international envoys outlined a strategy to activate the African Continental Free Trade Area (AfCFTA) by shifting the continent from raw material export to local manufacturing.
“African integration… is an urgent pathway toward achieving sustainable development and confronting the pressing challenges facing the continent,” Planning, Economic Development and International Cooperation Minister Rania Al-Mashat said, delivering the keynote address on behalf of Prime Minister Mostafa Madbouly.
The conference, organized by Al-Ahram Hebdo to mark the 150th anniversary of the Al-Ahram Establishment, comes as African nations face mounting pressures from supply chain disruptions, food security risks, and rising debt.
“From Agreement to Implementation”
Opening the session at the Al-Ahram Foundation headquarters in central Cairo, Al-Ahram Hebdo Editor-in-Chief Nevine Kamel warned that intra-African trade currently stands at a “very low” 17%, despite the continent possessing a market potential exceeding $3 trillion.
“We must open the African market,” Kamel told delegates. She highlighted a stark disparity in resource management, noting that while Africa holds 30% of the world’s mineral wealth and produces 70% of global platinum, it continues to export raw materials rather than finished goods.
The day-long summit focused on three pillars: accelerating the AfCFTA, boosting “Made in Africa” value-added industries, and achieving financial integration.
Infrastructure and Finance Gaps
Egypt is pushing for a unified continental voice in global financial institutions.
Al-Mashat emphasized that the global financial system requires reform to become “fairer and more equitable,” granting developing nations better access to concessional finance. She noted that Egyptian companies are already active in major infrastructure projects across the continent, including energy generation and transportation.
Former Prime Minister Ibrahim Mahlab told delegates that the continent must reverse the “painful history” of colonial infrastructure, which was designed solely to extract resources.
Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda, warned that despite Africa’s population being projected to exceed 20% of the global total by 2030, its share of global income is at risk of falling below 3%.
“We are witnessing a divergence rather than a convergence in economic standards,” Mohieldin said in the closing address. He highlighted an exaggerated “risk premium” attached to African investments, where financing costs are often three to four times higher than in Europe, despite data showing default rates in Africa are lower than in Latin America or Asia.
Strategic Roadmap
The summit brought together key policymakers, including Finance Minister Ahmed Kouchouk and representatives from the African Export-Import Bank (Afreximbank) and the African Development Bank, to address the “financial power” required to back these initiatives.
Al-Ahram Foundation Chairperson Mohamed Fayez Farahat stressed the role of economic diplomacy and media in bridging the gap between African nations to “maximize the gain… and minimize the losses” in the international system.
Mohieldin proposed the creation of a “Club of Debtors” to coordinate fair debt restructuring, countering the influence of creditor groups like the Paris Club.
“We need a system that manages debt without forcing countries to choose between servicing debt and funding education or health,” Mohieldin said.
