Investment minister, Afreximbank discuss expanding Egypt-Africa trade ties

Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, met with Haitham El Maayergi, executive vice-president of African Export-Import Bank (Afreximbank), alongside senior bank officials, to discuss opportunities for expanding cooperation in trade, investment and financing across Africa. The discussions focused on strengthening investment and trade integration between Egypt and African countries through innovative financing mechanisms to support exporters and investors. Talks also covered leveraging the Pan-African Payment and Settlement System to facilitate transactions, reduce dependence on foreign currencies, and enhance cooperation in sectors including mining, tourism and construction. The meeting further explored ways to strengthen Egypt’s role as a continental re-export hub, support Egyptian trade with African markets through the export trading companies programme, and review frameworks governing Egyptian capital markets. Farid said the ministry is working to directly link investment opportunities in Egypt with African markets to help attract regional and international investment flows. He noted that the government continues to improve investment services, streamline cross-border trade procedures, expand digitalisation and simplify processes to strengthen the business environment and support expansion across African markets. The minister highlighted promising investment opportunities in industry, tourism, construction and mining, stressing that cooperation with Afreximbank provides important support for deepening economic integration between Egypt and other African countries while expanding financing tools and local currency settlement mechanisms. For his part, El Maayergi reaffirmed the bank’s commitment to strengthening cooperation in African financing and intra-African trade, expressing appreciation for its longstanding partnership with Egypt. He said Afreximbank views Egypt as a strategic partner in Africa’s economic integration agenda, citing the country’s infrastructure capabilities, geographic position, and progress in digitalisation and financial services as factors reinforcing its role as a regional trade and investment hub. El Maayergi also reviewed the bank’s initiative aimed at positioning Egypt as a continental re-export centre by leveraging the country’s network of special economic zones, free zones and logistics infrastructure. The initiative seeks to facilitate the movement of goods between Africa, Asia and Europe under preferential rules of origin within the African Continental Free Trade Area framework. He added that Afreximbank has proposed launching a joint programme with the ministry and Egyptian export institutions to accredit a group of Egyptian export trading companies, helping consolidate and distribute Egyptian exports more effectively across African markets.  The post Investment minister, Afreximbank discuss expanding Egypt-Africa trade ties first appeared on Dailynewsegypt.