The Central Bank of Egypt (CBE) is set to launch an investment guarantee agency for Africa Today, 1st October, with a capital of $50 million, according to Deputy Minister of Foreign Affairs and Emigration, Ambassador Abu Bakr Hefny.
This agency, the first of its kind, aims to promote and boost investments and exports within the African continent.
Hefny made the announcement during a regional workshop held in Cairo on Monday to ratify the amended Common Market for Eastern and Southern Africa (COMESA) Investment Agreement.
He emphasized that this sovereign investment guarantee agency will work to strengthen investor confidence and will implement international best practices and relevant investment guarantees for Egyptian companies operating in Africa, establishing a reliable framework for both sides.
Hefny also highlighted the importance of regional economic cooperation and integration to create a favorable environment for sustainable development across COMESA member states.
He stressed the need to provide the continent with the necessary tools and practices to support trade, investments, and business, which would contribute to a more integrated, flexible, and prosperous COMESA. The deputy minister added that collaboration would play a crucial role in turning this vision into reality and creating a brighter future for future generations.
Furthermore, Hefny underlined that investment is not just a flow of capital; it is the lifeblood of economies, creating employment opportunities, reducing poverty, and driving innovation.
He cited the amended COMESA Investment Agreement as a testament to the shared vision for achieving economic prosperity and stability in the region.
Hefny reiterated that cooperation and integration will unlock tremendous potential and elevate the collective standing in regional and global markets, especially in the face of economic recovery post-pandemic, climate change, and geopolitical tensions.
He emphasized the importance of creating a strong economic bloc capable of simplifying investment procedures, promoting transparency, and fostering mutual trust among COMESA member states, which would attract foreign direct investment in collaboration with local institutions and facilitate the establishment of joint ventures.
In conclusion, Hefny stated that the COMESA Investment Agreement embodies the commitment to promoting a competitive investment climate, strengthening cooperation among member states, and addressing obstacles that may hinder progress.
