Agreements worth US$3.5bn were signed at the Africa 2018 International Investment Forum held in Egypt, Egyptian Minister of Investment and International Cooperation Sahar Nasr said
On the sidelines of the Africa 2018 Forum, Egypt has signed agreements worth US$1.9bn. This is in addition to a number of other major agreements worth US$1.6bn signed by participants at the Forum.
The agreements include strategic partnerships to invest in Egypt's infrastructure, information technology, renewable energy, and to foster entrepreneurship and private sector development in the country.
President Abdel Fattah El-Sisi announced vital efforts, led by Egypt, to boost entrepreneurship and regional integration in Africa. This included the establishment of the first regional entrepreneurship hub in Egypt and the acceleration of establishing the Cairo-Cape Town highway. President Sisi also announced an initiative aimed to train 10,000 young Africans as software and game developers over the next three years.
The minister commented, "The high-level presence and active participation at the Africa 2018 Forum reaffirmed Africa's position as a top investment destination in the world and Egypt as the gateway to Africa.”
Egypt is preparing to chair the African Union next year, and the President of the country has reinforced the importance of fostering pan- African trade and investment through policies that lead to open borders, support industrial development and infrastructure projects that facilitate movement.
Egypt's existing investments in Africa already surpass US$10bn, while African investments into Egypt, Africa's largest economy, reached US$2.8bn, the minister added.
Several panel discussions during African 2018 Forum focused on the growth of technology and innovation, which can create jobs and deliver new solutions that fill unmet needs within the African communities.
Women empowering Africa was also an important topic at the Forum, and First Ladies of Niger and Nigeria were among the speakers who highlighted the great benefits communities enjoy when women are empowered, as well as the current challenges facing women in office and in business.
According to a recent McKinsey study, companies with the highest proportion of women on their executive committees earned a return on equity 47 per cent higher than those without female executive members.
