(MENAFN- Daily News Egypt) Egypt's President Abdel Fattah Al-Sisi has called for African nations to unite in tackling shared challenges and harnessing the continent's potential for development.
Representing President Al-Sisi, Minister of International Cooperation Rania Al-Mashat attended the Summit of African Heads of State held in Kenya alongside the World Bank Group's International Development Association (IDA) program for Africa. The summit focused on Africa's development ambitions within the framework of IDA and its 21st replenishment, which provides low-interest financing and grants for development projects.
President Al-Sisi's speech emphasized the summit's importance in charting a new path for African development by leveraging the continent's vast human and resource potential.
However, he acknowledged the intertwined challenges facing Africa, particularly in sub-Saharan countries.
The speech highlighted how multiple crises – climate change, epidemics, and conflicts – have hampered development, hindered economic growth, and contributed to high debt levels. The World Bank estimates that 462 million people in sub-Saharan Africa suffer from extreme poverty, further exacerbated by shrinking fiscal space, debt burdens, and low liquidity in half the continent's nations.
Despite these challenges, the Egyptian President emphasized Africa's wealth of natural resources, offering a path towards economic development, job creation, and financial stability. However, he stressed that achieving inclusive growth requires investment in people and creating quality jobs.
Africa's growing youth population presents a significant opportunity. The speech noted that“two million people join our region's workforce on a monthly basis,” making youth development and job creation top priorities.
To accelerate poverty reduction and economic growth, President Al-Sisi advocated for multi-sectoral solutions. This includes investments in human capital, digital transformation, strengthening local institutions, expanding access to affordable energy, improving communication and trade networks, and supporting climate adaptation alongside attracting private sector investment. Women's economic empowerment was also highlighted for its potential to reduce poverty and promote economic growth.
The Egyptian President also emphasized enhancing domestic resource mobilization and tackling illicit financial flows as crucial steps towards financial stability, addressing debt burdens, and directing resources towards growth-supporting public spending.
Regionally, Egypt's President Al-Sisi pointed to the importance of integration through trade agreements like the African Continental Free Trade Area, promoting efficient and affordable transport corridors, and investing in energy connectivity and infrastructure development. He emphasized these efforts as golden opportunities to expand markets and create jobs.
President Al-Sisi expressed appreciation for the IDA's role in promoting development across Africa. Highlighting Egypt's successful transition from beneficiary to donor nation, he emphasized the country's belief in supporting fellow African nations.
The speech concluded by stressing the crucial role of IDA in continental development. President Al-Sisi urged African nations to unify and call for an ambitious replenishment of IDA resources, terming it a historic process that would support Africa's journey towards sustainable and comprehensive development, a brighter future, and shared prosperity.
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