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President Sisi calls for the launch of an Arab-African fund
Experts and observers have called on Egyptian President Abdel Fattah al-Sisi to launch an Arab-African fund for joint cooperation projects, saying the project is helping to accelerate the development of the continent and increase the opportunities for African co-operation. investment in the Arab world.
"The Nile Valley is a corridor of African and Arab integration," he said Sunday at an Arab-African youth forum. An Arab-African fund should be created to finance cooperation projects in Africa. Openly.
Mr. Abbas Sharaki, head of natural resources at the African Studies Institute of Cairo University, told Al-Ain Al-Akhbar that the project to create a fund Arab-African would require considerable funding from the countries concerned, namely an investment fund. In which they need continuous investments and do not need subsidies.
He said that the Arab and Gulf countries in particular have a great opportunity to enter the continent, which forces the countries of the world to invest in these countries.
He said that Egypt had preceded the Fund's idea earlier, when it had launched a $ 20 million fund under the name of Technical Support Fund for the United States. Africa, before moving to the International Partnership for Development, based on the dispatch of medical convoys and fast relief, but that the idea of the Fund was broader and more comprehensive in terms of funding. Investment projects and infrastructure from the creation of factories, farms, utilities, roads, power plants and others, with the huge assets of Africa in 55 countries.
According to Bader Al Mashrekh, director of trade policy and international trade organizations in the United Arab Emirates, Arab countries are investing $ 11 billion in various fields, including infrastructure, agriculture, technology and the mining sector. The fourth investment is March 3rd.
While Egypt's investments in Africa amounted to $ 10.2 billion, according to a statement from Egypt's Ministry of Investment.
Ambassador Jamal Bayoumi, president of the Arab Investors Union, said that the International Agency for Development Partnership (NEPAD) could be turned into an Arab-African fund that would contribute to Arab countries and broaden its scope for development projects on the continent instead of aid and urgent interventions.
He told Al-Ain Al-Akhbar that it was possible to rely on sovereign wealth funds in the advanced economy countries of the Arab world, and that the results of these projects would be excellent given the resources available in Africa.
Bayoumi pointed out that the Islamic Development Bank (IDB) is making a significant contribution to the continent's projects and could make a substantial contribution to the fund, but it is important to develop successful investment and development programs that develop 39, infrastructure of the continent and contribute to the expansion of successful Arab investments abroad.
Khalid Al Shafei, director of the Capital Center for Research and Economic Studies, told Al Ain News that if the fund were created, it would help to discover important areas of resources, precious metals and minerals. neglected mines in Africa, which would contribute to the development and modernization of the mechanisms needed to make better use of its resources.
The time has come to find an important Arab-African rapprochement at the level of the economy and common development. The beginning of this project, which I expect to be a good echo and a positive reaction in a near future, could be.
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