CBE Governor: Egypt Commits to Supporting Comprehensive Development in Africa
Taarek Refaat
On behalf of the Egyptian President, Hassan Abdullah, Governor of the Central Bank of Egypt (CBE) officially inaugurated the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) held recently in Abuja, Nigeria.
The event convened under the theme 'Building the Future on Decades of Resilience', attracting numerous African heads of state, senior government officials, central bank governors, financial institution leaders, and investors from across the continent.
During the opening, Governor Abdullah emphasized Egypt's unwavering commitment to supporting Africa's comprehensive development efforts. He highlighted the vital role played by regional institutions like Afreximbank in overcoming economic challenges and fostering economic and trade integration among African nations.
'Egypt remains dedicated to strengthening regional and international cooperation with African financial and developmental institutions to support sustainable development and solidify the foundations of economic integration across Africa,' Abdullah affirmed.
Strategic Engagements and Regional Cooperation
On the sidelines of the meetings, Abdullah met with Brice Oligui Nguema, President of Gabon, and held discussions with George Elombi, recently elected as the new President of Afreximbank, succeeding Benedict Oramah.
Expressing his congratulations to Elombi, Abdullah praised the outgoing President Oramah for his decade-long outstanding leadership and contributions, which culminate in September.
Further cementing regional ties, Abdullah visited the Central Bank of Nigeria at the invitation of his counterpart Oluyemi Cardoso. The two officials explored avenues for deeper collaboration on financial stability, fintech innovation, digital transformation, and cross-border cooperation.
Key Topics and Future Outlook
During the meetings, participants discussed a wide range of pressing issues facing African countries. Key among these was the need to accelerate Africa's economic transformation through focused policies and enhanced cooperation.
Emphasis was also placed on strengthening institutional resilience, which was highlighted as a crucial foundation for sustainable development across the continent.
Additionally, innovative financing solutions aimed at increasing investment in the healthcare sector were explored, recognizing the importance of improving health outcomes for African populations. The discussions further included fostering strategic partnerships between Africa and the Caribbean region to boost economic collaboration and mutual growth.
The meetings also reviewed Afreximbank's performance for fiscal year 2024, spotlighting its growing role in facilitating the African Continental Free Trade Area (AfCFTA) agreement.
Discussions included strengthening frameworks for cooperation between African governments, financial institutions, and investors, as well as new mechanisms for financing and economic integration.
Egypt's Leading Role in Afreximbank
Egypt holds the distinction of being the largest shareholder in Afreximbank, which was founded in 1993 and is headquartered in Cairo. The bank aims to boost intra-African trade and increase Africa's share in global commerce by financing inter-African trade and supporting the continent's industrial capacity and export growth.
Governor Abdullah reaffirmed Egypt's commitment to empowering African countries by enhancing their industrial capabilities and export competitiveness, thereby contributing to the continent's overall economic advancement.
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