25 August 2019 07:14 AM

Investment Minister: Egypt is Africa's gate, meeting point of old, modern civilizations

Sunday، 09 December 2018 - 01:39 PM

Minister of Investment and International Cooperation Sahar Nasr said Egypt is the gate of Africa and a meeting point of the old and modern civilizations.

Addressing the third edition of Africa 2018 Forum, Nasr voiced thanks for the participation of President Abdel Fattah El Sisi, noting that the forum has become one of the important economic events in the African continent.

She said the forum reflects a consensus on the common visions for the development of Africa and means of overcoming various challenges besetting the African states with the aim of exploring spheres of cooperation, encouraging joint investments and enhancing trade exchange with the aim of achieving the sustainable development objectives of 2030.

The minister also highlighted the president's keenness, since he assumed office in 2014, on extending bridges of cooperation between Egypt and its fellow Africans so as to contribute to efforts aimed at luring mega investments to the continent and turn it into a hub for productive and service projects.

She also reviewed the initiatives of various African states to adopt economic reform programs and achieve a growth rate of 3.5 percent in 2018 despite the world's economic challenges, noting that the growth rate is expected to exceed 4 percent in the coming years.

Nasr also said that Africa has the basic factors for a better future in view of its vast economic potentials and its huge consumption market, adding that investment revenues in Africa are the highest worldwide. As per the influx of direct foreign investments, the minister said the rate has been doubled four times in the past five years and in order to utilize such huge potentials, there should be a strong infrastructure in Africa as highlighted by President Sisi in his speech.

Meanwhile, Nasr said every dollar spent on infrastructure projects could attract its double in the form of investment influx.

She made it clear that the needed annual investments are estimated at dlrs 10 billion, with a funding gap that is worth dlrs 90 billion, a matter which presses the need for consolidating efforts between the governments, private sector, funding institutions, investment banks and development partners.

The minister also pressed for the need for qualifying the human cadres to achieve the sustainable development goals, noting that 60 percent of Africa's population is under the age of 25.

Nasr also highlighted President Sisi's initiative to invest in the human capital in the fields of health, education and development, adding that investing the youth potentials is a key factor for realizing growth rates.

The minister also shed light on the role of women to achieve growth, asserting that providing an actual opportunity for women's involvement in the political, social and political aspects of lives are considered an integral part of development plans.

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