Egypt’s Sisi urges joint effort to address Africa’s economic challenges

Advancing Africa’s development requires a joint effort to tackle challenges, particularly in Sub-Saharan Africa, where around 462 million people live in extreme poverty, said President Sisi.
These issues are worsened by fiscal constraints, debt problems, and liquidity declines affecting half of the continent’s countries, he added.

President Sisi told the International Development Association (IDA) Africa Heads of State Summit in Nairobi, Kenya, in a speech read on his behalf by Minister of International Co-operation Rania El Mashat, that the continent faces many crises that impede economic growth and development, such as epidemics, conflicts, and climate change.

“Despite challenges, Africa’s rich natural resources offer hope for economic development, job creation, and stability. However, inclusive growth requires investing in people and quality jobs, as Africa’s growing youth population is a major asset, with its global workforce share projected to rise from 16 per cent in 2025 to over 41 per cent by 2100. With an additional two million people joining the workforce monthly, economic transformation and job creation remain top priorities,” Sisi added.

The Egyptian president further affirmed that efforts to reduce poverty and boost economic growth require integrated solutions across sectors.

He noted that key steps include investing in human capital, digital transformation, strengthening institutions, expanding affordable energy access, improving trade, supporting climate adaptation, and attracting private sector investments. These steps, along with economically empowering women, can prepare the youth for a prosperous future and boost economic growth, he added.

Sisi also emphasised that mobilising domestic resources and tackling illicit financial flows are key to financial stability and debt control.

“Implementing regional trade agreements, like the African Continental Free Trade Area (AfCFTA), and investing in efficient transport, energy connectivity, and the African payment system can boost market expansion and job creation.

“Sub-Saharan Africa’s development and debt restructuring rely on concessional financing from the International Development Association (IDA), which plays a key role in fostering reforms, boosting inclusive growth, and aiding countries in achieving Sustainable Development Goals, the President added.

The speech concluded by emphasising the crucial role of the IDA in fostering continental development. He urged unity among African nations to implement an ambitious plan for the twenty-first replenishment of IDA resources.

This historic process aims to bolster sustainable and inclusive development, pave the way for a brighter future, and promote shared prosperity.