Egypt seeks deeper AFC ties to attract private capital

Egypt is seeking to deepen ties with the Africa Finance Corporation (AFC) to attract more private capital for domestic projects and reduce borrowing costs, Finance Minister Ahmed Kouchouk said on Tuesday.

During a meeting with Africa Finance Corporation (AFC) Executive Director and Chief Investment Officer Sameh Shenouda, Kouchouk said the government aims to draw up a joint list of priority economic activities as part of a new phase of cooperation to support sustainable growth.

The talks took place on the sidelines of the annual meetings of the International Monetary Fund and World Bank Group in Bangkok, the Finance Ministry said in a statement.

Egypt’s economic and fiscal policies are focused on expanding the private sector’s role in the economy and increasing private investment, Kouchouk said.

The government is also seeking to boost export-oriented production by encouraging investment in projects with strong economic returns, he added.

Kouchouk described AFC as a strategic partner that could help mobilise additional private capital for development projects in Egypt.

Cairo is also seeking to reach new groups of investors across a broader range of financing markets and secure funding on more competitive terms to lower borrowing costs, he said.