EGYPT EARMARKS $500BN TO FINANCE 300 PROJECTS ACROSS AFRICA

EGYPT EARMARKS $500BN TO FINANCE 300 PROJECTS ACROSS AFRICA

Egypt has unveiled a $500bn “Team Africa” initiative targeting nearly 300 development projects across Africa.

The proposal aims to close the continent’s financing gap and tackle poverty, unemployment, and food and energy insecurity.

Under Egypt’s NEPAD chairmanship, the agency expanded its budget, secured fresh funding, and passed the EU’s institutional assessment.

Cairo also pledged $100m in Nile Basin seed funding and plans to host an African Business Summit to accelerate public-private investment.