Egypt calls for sustainable growth in Africa

Egypt’s Deputy Minister of Finance Yasser Sobhy has stressed the urgent need to bolster sustainable growth across the African continent amidst global economic and geopolitical uncertainties.

Speaking at Nahda University Economic Forum, Sobhy emphasised the importance of collective action among African nations to establish a more equitable global financial system for developing and emerging economies.

He highlighted that industrial and commercial development begins locally with boosting private sector involvement in economic activities is essential for generating jobs and fostering a competitive business environment; to ensure sustainable development.

Sobhy added that the goal is to improve intra-African trade, boost supply chains, and enhance logistics to drive economic transformation in the continent, according to a statement published by the Egyptian Ministry of Finance.

Private sector involvement is crucial for economic growth, exports, and investment in key sectors like technology and energy. This will enable increased spending on healthcare and education, fostering societal development and stronger social safety nets.

He noted that the rapid global technological advancements offer significant opportunities for Africa’s young talent to benefit across various aspects of life, according to the statement.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama