Egypt Independent

Egypt signs US$3 billion agreements during Africa Investment Forum 2019



Egypt’s Prime Minister Mostafa Madbouly signed 11 agreements valuing at three billion dollars during the Africa Investment Forum (AIF) 2019 at the New Administrative Capital.

Egypt’s Minister of Investment and International Cooperation Sahr Nasr signed two memorandums of understanding with the Angolan Minister of Economy and Planning Pedro Luís da Fonseca and the Director General of Djibouti’s National Investment Promotion Agency Mahdi Darar Obsieh, in order to enhance bilateral investment relations.

Nasr signed an agreement with the General Manager of Kuwaiti Fund for Arab Economic Development Abdel Wahab Badr to finalize an $83 million road project within the second stage of the Sinai Development Program.

She also signed another three agreements valuing $201 million with the European Bank for Reconstruction and Development and the First Development Company to strengthen electricity networks and establish a new asphalt unit valuing at $50 million for the Suez Petroleum Company.

An announcement letter between Bank Misr and the Sarwa Capital Holding for Financial Investments was signed by Nasr to issue LE500 million securitization bonds to the Urban Communities Authority.

The International Islamic Trade Finance Corporation and the Export-Import Bank of Africa signed the first tranche of the Trade and Import Financing Agreement for Africa valuing $100 million, as part of a $500 million agreement.

The Ministry of Investment and the Noble Energy Company in Egypt also signed an agreement to inject $430 million.

The Lekela Power Company will implement the 250 MW West Bakr wind farm with investments of $350 million.

The Assistant Secretary-General of the United Nations Morad Wahba said that Africa needs investments valuing $500 million in order to attain development, noting that the current investments in Africa reached $50 billion while remittances are at $60 billion.

Edited translation from Al-Masry Al-Youm