18 June 2019 03:49 PM

Sisi orders establishment of Africa investment risk guarantee fund

Monday، 10 December 2018 - 02:22 PM

President Abdel Fattah El Sisi ordered on Sunday 9/12/2018 establishing a fund to provide guarantees against risks for Egyptian businessmen willing to invest in Africa.

The move aims at encouraging Egyptian investors to do business in Africa and make use of the continent's huge capabilities.

Addressing the closing session of the Africa 2018 Forum in Sharm El Sheikh city, Sisi also called for finalizing the Cairo-Cape Town highway as soon as possible to give a push to inter-African trade.

The forum provided a great opportunity to affirm Egypt's keenness on supporting development of African countries, he said, adding that achieving security, stability and development is the best way to overcome political, economic and social challenges in Africa.

Egypt will continue to support efforts aimed at strengthening cooperation with the world countries, particularly the African ones, the President noted.

President Sisi ordered the government to facilitate the work of African companies operating in Egypt and to step up technical cooperation with African countries in the fields of investment in human capital and digital transformation.

He also ordered establishing a fund for investment in IT infrastructure in order to support technological development and digital transformation in the continent, in addition to building modern economies based on the latest technological systems.

Sisi further stressed the importance of increasing cooperation between Egypt and African countries in the fields of governance and fighting corruption.

He also decided to launch the second phase of the national strategy to combat corruption 2019-2022 and offered 250 courses for African cadres working in the field of corruption prevention.

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