Egypt to establish investment guarantee agency for African countries

Egypt's central bank will launch a first-of-its-kind investment guarantee agency for Africa with a capital of US$50 million. The announcement was made by Egypt's Deputy Minister of Foreign Affairs, Abu Bakr Hefny Mahmoud, as reports Daily News Egypt, a partner of TV BRICS.

The Deputy Minister was speaking at a regional workshop held in Cairo to ratify the amended Common Market for Eastern and Southern Africa (COMESA) Investment Agreement.

The launch of the agency aims to stimulate investment and strengthen exports on the African continent. The agency will work to boost investor confidence and also provide guarantees for Egyptian companies operating in Africa. The new entity is expected to implement international best practices and create a solid foundation for economic cooperation.

Abu Bakr Hefny Mahmoud also emphasised that regional integration and cooperation are important in the process of creating conditions for sustainable development. He said the institution will simplify investment procedures, increase transparency, and build trust among COMESA member countries.

In addition, the establishment of an investment guarantee agency, according to Hefny, will pave the way for attracting foreign direct investment and help establish joint ventures with local companies, leading to economic growth and development across the continent.

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