ABIDJAN, Ivory Coast, March 29, 2023/ — The African Development Bank’s new Country Manager for Egypt, Abdourahmane Diaw, has received a delegation from the Egyptian African Business Association (EABA).
The visit, led by Dr. Yousry El Sharkawy, chairman of the association, took place on 14 March. He was accompanied by Dr. Mohamed Mandour, head of the Government Relations Committee, Mostafa Alamir, Secretary General, and other members, including Arab Contractors Facility Management and Zworld holding.
The meeting was a follow up to a February 2023 Industrial and Trade Business Opportunity Forum organized by the African Development Bank in collaboration with the Ministry of Industry and Trade.
The teams discussed areas to support Egyptian businesses’ expansion into the rest of Africa and ways to benefit from Bank-funded operations. To maintain an active relationship, the two parties will create a task force that will meet periodically to explore areas of potential collaboration.
Diaw commended the government for the bold actions it is taking to strengthen its integration into the African continent to spur trade and investments.
“The Bank is promoting and supporting major Egyptian business players through its ‘African Champions’ initiative and has been linking up Egyptian enterprises and major projects in Egypt with potential partners and investors, through the Africa investment forum. But considering the sizable membership of EABA and the sector coverage, working with the association will enable the Bank to reach a substantial segment of the Egyptian private sector space,” he added.
El Sharkawy acknowledged the Bank’s convening power and footprint in the continent and said he looked forward to the institution’s support in the achievement of the association’s objectives. “We want the African Development Bank, our preferred partner, to work with us to deliver on our new ideology, notably, to foster stronger and fruitful relationships in other African Countries,” he remarked.
The Egyptian African Business Association was formed in 2019, with the objective of increasing Egyptian private sector collaboration with African counterparts. It is composed of 22 industrial committees representing all industrial sectors. Its membership consists of companies and national banks. It utilizes its extensive network of 150,000 African businesses to advocate for trust building, information sharing and cooperation to increase Africa-to-Africa business.
EABA has active memorandum of understanding with 10 African chambers of commerce, it promotes value chain linkages through targeted interventions and site visits that connect farmers with manufacturers (olive and olive oil), high level businessmen forums (such as the Nigerian Businessmen Forum that gathered 145 key Nigerian businessmen in 2022).
EABA plans to organize the third edition of Africa Agriculture Day on 27th April, an annual tradition, underscoring the need to rally African countries for intra-African trade on essential crops and inputs for food security.
The Bank will continue to engage with EABA to explore areas of potential collaboration and support for Egyptian private sector growth domestically and across Africa, Diaw said.