CAIRO - 22 February 2024: The Cabinet approved, in its meeting chaired by Mostafa Madbouly, the project of the President's decree regarding Egypt's accession to the membership of the African Export-Import Bank's (Afreximbank) Fund for Export Development in Africa (FEDA).
The establishment of the fund comes to implement two key axes of the current strategy of the bank, which are export development and manufacturing, and enhancing intra-continental trade.
The fund aims to increase and attract flows of foreign direct investment to the continent, contributing to enhancing investment within the region.
Additionally, it will provide the necessary financing for investment in corporate capital and industrial infrastructure needed by the continent, reflecting on boosting intra-African trade and increasing the value-added to trade between Africa and the rest of the world.
The accession of African countries to the fund aims to support small and medium-sized projects operating in export value chains, increase exports of goods and services with added value, support industrial infrastructure, and increase intra-African trade, among other numerous objectives.
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