(MENAFN- Daily News Egypt) Prime Minister Mostafa Madbouly on Saturday pledged Egypt's continued support for deeper economic integration and accelerated development across Africa.
Speaking on behalf of President Abdel Fattah Al-Sisi at the 6th Mid-Year Coordination Meeting of the African Union on Sunday, Madbouly highlighted the importance of the AU Development Agency (NEPAD) in driving regional and continental unity under the overarching Agenda 2063.
Egypt recognizes the progress made by Africa in recent years but also acknowledges the significant challenges posed by poverty, unemployment, terrorism, and armed conflicts, exacerbated by the COVID-19 pandemic, the Russia-Ukraine war, and the global economic crisis.
Despite these hurdles, Madbouly expressed optimism about Africa's potential, emphasising the continent's rich natural and human resources. He urged concerted efforts to harness this potential for sustainable development.
To this end, the Egyptian Prime Minister called for increased financial investment in priority areas such as infrastructure, agriculture, and energy. He also stressed the need to expedite the implementation of the African Continental Free Trade Area (AfCFTA) and its integration with the Program for Infrastructure Development in Africa (PIDA).
Madbouly concluded his speech by emphasising the responsibility of African countries to develop partnerships with the international community to ensure that these partnerships serve the continent's development priorities and the interests of its people.
He urged major economic powers to fulfil their financial commitments and find innovative ways to implement priority continental projects that will achieve continental and regional integration, such as the Cairo-Cape Town strategic corridor and the Inga Dam project.
The Prime Minister also highlighted the importance of leveraging the AU's recent membership in the G20 as a significant step towards strengthening the continent's voice in discussions on reforming the global financial system, reshaping Africa's financing framework, and establishing new, innovative, and effective financing mechanisms.
He called for maximising the use of existing mechanisms and addressing the debt crisis facing African countries, which has taken on serious dimensions due to the sharp increase in debt service payments.
Madbouly concluded by stressing the importance of global partnerships to support Africa's development goals. He called on developed countries to honour their financial commitments to the continent.
Meanwhile, AU Commission Chairperson Moussa Faki Mahamat emphasised the need for stronger regional integration and expressed his gratitude to Ghanaian President Nana Akufo-Addo and the people of Ghana for their hospitality.
“At a time when I regret a certain weakening of Pan-Africanism, the convening of our meeting here, in this beautiful country of Pan-Africanist exaltation, the eternally resonant voice of the apostle and icon of this doctrine, Kwame Nkrumah, has never faded,” Mahamat said.
He underscored the importance of African unity and integration, invoking the memory of Nkrumah as an inspiration.
In his address, Ghanaian President Nana Akufo-Addo underscored the necessity of innovative financing and the establishment of AU Financial Institutions to support the Second Decade of Agenda 2063. He stressed the importance of consolidating fragmented financial instruments to eliminate inefficiencies and optimise resource utilisation.
“Currently, our financial landscape is scattered with numerous institutions and initiatives operating in silos,” he said.“This fragmentation leads to inefficiencies, duplication of efforts, and suboptimal utilisation of resources. I, therefore, call for consolidation and implore our AU institutions to provide technical and strategic recommendations on how this can be done.”
The President highlighted the potential impact of three key African Financial Institutions: the African Central Bank, the African Investment Bank, and the African Monetary Fund. These institutions, he noted, are vital for achieving financial stability and economic integration essential for the successful implementation of Agenda 2063.
“The African Central Bank will harmonise monetary policies and ensure currency stability across the continent, mitigating the risks associated with exchange rate volatility and fostering investor confidence,” he said.“Concurrently, the African Investment Bank will mobilise and allocate resources for large-scale developmental projects, while the African Monetary Fund will provide financial assistance to Member States facing balance-of-payments issues and economic shocks.”
President Akufo-Addo also emphasised the need for domestic resource mobilisation to reduce dependency on external aid and ensure the sustainability of development initiatives. He proposed that African countries deposit 30% of their sovereign reserves into African multinational banks to enhance the stability and liquidity of the continent's financial systems.
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