Central Bank of Egypt (CBE) Governor Hassan Abdalla participated as a keynote speaker in a high-level session titled “Africa’s New Growth Compact in a Turbulent World” at the Alamein Africa Forum, hosted by Egypt in New Alamein City.
The forum, inaugurated by President Abdel Fattah Al-Sisi, brought together heads of state and government, senior officials, business leaders, representatives of financial institutions and public and private-sector entities, as well as investors and businessmen from across the continent.
The session featured Deogratius John Ndejembi, Vice President of the United Republic of Tanzania, and Corneille Karekezi, Chief Executive Officer and Group Managing Director of the African Reinsurance Corporation (Africa Re).
The discussion focused on the key challenges facing African economies and ways to promote sustainable growth while strengthening financial and investment integration across the continent.
At the outset of the session, Abdalla said Africa needs to build confidence, strengthen joint financial cooperation, and create sufficient jobs for its rapidly growing young population.
He described the continent’s youth as its “biggest opportunity and possibly liability”, noting that around 12 million young people enter Africa’s labour market each year, while only about 3 million formal jobs are created.
He stressed the need to ensure that young people receive the education and skills required to become an economic asset rather than a factor of impediment.
Abdalla called on African countries to adopt stable and predictable economic policies, establish clear economic identities, and develop quantifiable plans to build the credibility needed to give investors and businesses greater certainty.
He stressed that confidence in an economy is fundamental to attracting investment and achieving sustainable growth.
Stronger African financial architecture
The CBE Governor underscored the importance of developing Africa’s financial architecture, saying the continent needs stronger financial markets, greater access to finance, robust banking systems, and improved mechanisms for evaluating African investments and creditworthiness.
He also stressed the need to strengthen credit ratings and establish an African rating agency, which he said would enhance the ability of African economies to access financing and investment on more favourable terms.
Abdalla also highlighted the importance of strengthening trade and financing among African countries, noting that African capital often leaves the continent for developed markets before returning to Africa at a higher cost.
He said this underscores the need for more capital to circulate within Africa and for the continent to make greater use of its own financial resources.
In this context, Abdalla stressed the importance of making greater use of local currencies and increasing intra-regional trade conducted in African currencies rather than relying entirely on external currencies.
He explained that starting with part of trade would provide a practical first step towards supporting trade and investment flows while strengthening financial interconnection among African countries.
Egypt’s economic reforms
Abdalla highlighted the positive outcomes achieved through Egypt’s economic reforms, pointing to improvements across several economic and financial indicators, including the surge in the country’s net international reserves to unprecedented levels and the improvement in the capital adequacy ratios of banks operating in Egypt.
He said these indicators reflect the resilience of the Egyptian banking sector and its conducive environment for business, reinforcing its capacity to finance economic activity and support sustainable development.
As part of Egypt’s efforts to translate this vision into practical steps, Abdalla said the country is actively strengthening financial and banking ties with various African countries.
He noted that at least 15 memoranda of understanding (MoUs) have been signed with African central banks covering several key areas, including training and governance.
He added that banks operating in Egypt are expanding their regional presence by opening credit lines and providing financial facilities aimed at enhancing money markets, increasing liquidity, and supporting investment across the continent.
Facilitating trade and capital flows
Building on this approach, Abdalla stressed the need to reduce barriers between African countries and facilitate the movement of goods and people across borders.
He specifically highlighted the importance of reducing the time required to clear goods and complete customs procedures, describing these as key factors in promoting intra-African trade and investment.
Abdalla also stressed that Africa needs measurable and actionable commitments rather than discussions alone.
He outlined several practical targets, including directing 10% of African banking liquidity towards intra-continental investment and allocating 5% of international reserves to investment within Africa.
The CBE Governor concluded by stressing that deepening financial and banking cooperation among African countries, developing financial markets, boosting intra-African trade, and facilitating capital movement are essential to unlocking the continent’s vast potential.
He said these efforts can help transform Africa’s population, particularly its youth, into a sustainable economic and investment force.
Alamein Africa Forum
The Alamein Africa Forum is being held pursuant to a decision by the African Union (AU) Summit in February 2026 mandating that the forum be convened biennially in New Alamein City.
The forum aims to move beyond setting Africa’s development priorities towards mobilising the resources, investments, and partnerships required to turn those priorities into tangible projects and practical outcomes.
It also provides a platform for direct engagement among governments, business communities, investors, and financing institutions.
The Alamein Africa Forum is being held alongside a series of high-level African events hosted by Egypt in New Alamein City, including the Summit of the Founding Member States of the African Union Development Agency (AUDA-NEPAD) on Saturday, October 3, and the Eighth Mid-Year Coordination Meeting of the AU on Sunday, October 4, 2026.
