Cairo: Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad Badr Abdelatty, who also serves as Egypt's governor at the Arab Bank for Economic Development in Africa (BADEA), reaffirmed the State's commitment to supporting the activities of Egyptian companies in Africa by coordinating with African governments and institutions to overcome the procedural and regulatory obstacles they may face and establishing channels of communication with relevant authorities.
According to State Information Service Egypt, these efforts would help Egyptian companies expand their access to African markets, enhance their competitiveness, and increase their investment and business activities across the continent. The Foreign Minister made the remarks during an expanded session with representatives of the private sector, in the presence of BADEA Chairman of the Board of Directors Fahd Al-Doseri, to discuss ways of supporting Egyptian companies expanding into African markets, in line with Egypt's economic development objectives and Egypt Vision 2030.
The meeting was held as part of a new edition of the dialogue sessions aimed at fostering greater integration among Egypt's private sector, the Ministry of Foreign Affairs, and development partners. The sessions serve as an important platform for strengthening dialogue and cooperation in the investment and economic fields, with BADEA selected as a partner for this edition.
Abdelatty also reviewed the State's efforts to support development in African countries, including the launch of a financing mechanism to study and implement development and infrastructure projects, as well as the establishment of the Egyptian Export and Investment Guarantee Agency to encourage Egyptian companies to expand their investments and activities in African markets by providing the necessary guarantees to reduce investment risks.
He stressed the importance of establishing an Egyptian investment entity tasked with coordinating Egyptian investments in Africa, with the participation of government agencies, the banking sector, and the private sector. He also highlighted the need to develop an integrated database of investment opportunities and priority projects in African countries to enhance the efficiency of Egyptian companies operating across African markets, expand the scope of their investments, and maximize their chances of success.
The meeting also featured a presentation by the Foreign Ministry's economic sector on the 'Hafiz' platform for financial and technical support. The presentation highlighted the financing services and opportunities offered by partner banks and financial institutions through the platform, as well as the technical support programs available through these institutions. Participants underscored the importance of integrating the 'Hafiz' platform with the BRIDGE dialogue sessions to establish direct communication channels among the Foreign Ministry, Egyptian companies, and international development partners.
Representatives of BADEA also delivered a presentation on the financial services and instruments provided by the bank and how Egyptian companies can benefit from them, including financing and support opportunities available for private-sector projects in African countries.
The Foreign Minister further stressed the importance of ensuring that small and medium-sized enterprises benefit from the services offered by the 'Hafiz' platform. He noted that a number of awareness-raising visits to several governorates had been conducted to promote the platform, with the participation of around 219 companies from various sectors, including tourism, handicrafts, agriculture, food industries, ready-made garments and textiles, engineering industries, logistics, and information technology.
At the conclusion of the meeting, Abdelatty held an open discussion with private-sector representatives, with the participation of the BADEA chairman. He listened to the views and proposals of Egyptian companies regarding the challenges facing their operations in African markets, as well as ways to enhance the support provided to them and facilitate their access to financing and investment opportunities.
These efforts aim to maximize the benefits of promising opportunities across the continent, support the expansion of Egyptian companies, and strengthen Egypt's economic presence in Africa.