Afreximbank targets $2 billion in financing to Egypt in 2025
El-Zoghbi was speaking at the FOCUS Africa Investment and Trade Forum in Cairo. The forum was organized by Afreximbank in collaboration with Egypt's Ministry of International Cooperation and the Group of African Ambassadors.
"The bank aims to provide $2 billion in financing to Egypt, with direct financing going to sectors like banks and strategic goods, while indirect financing will support African projects implemented by Egyptian companies," he said.
Egypt is targeting $60 billion in foreign direct investment by 2030. It also aims to increase annual exports to $145 billion, leveraging its strategic location and industrial capacity to become a trade and manufacturing hub in Africa, he added.
Benedict Oramah, President of Afreximbank, noted that Africa's trade volume has increased from 10 percent of global trade in the 1990s to 15 percent by the end of 2023, with the continent's GDP reaching $3 trillion.
Kanayo Awani, Deputy President of Afreximbank, emphasized the need for Africa to lead its infrastructure development through financing, revealing that the bank has provided $13 billion in support of African contractors in infrastructure projects.
"The African Continental Free Trade Agreement is seen as a transformative tool to boost manufacturing, intra-African trade, and internal growth," Awani said, adding that African ambassadors stressed the need to leverage the agreement for development.
Minister of Planning and Economic Development Rania Al-Mashat highlighted that private sector investments now account for 63 percent of total investments in Egypt.
Addressing the forum, Al-Mashat said the current percentage indicates a growing role for the private sector in driving economic development.
She also emphasized the importance of strong partnerships between African governments, saying such cooperation would improve information sharing and build local company capacity.
Al-Mashat reiterated Egypt’s commitment to infrastructure development, citing major infrastructure projects, such as the New Administrative Capital and road networks.