Prime Minister Dr. Mostafa Madbouly participated Saturday in the launch ceremony for the African Trade Center, a new initiative by the African Export-Import Bank (Afreximbank), located in Egypt’s New Capital. The event was attended by key figures including Hassan Abdullah, Governor of the Central Bank of Egypt, Dr. George Elombe, Afreximbank President, Professor Benedict Oramah, former bank president, and Eng. Khaled Abbas, CEO of the New Administrative Capital for Urban Development, alongside board members, ambassadors, and business leaders. n nAfreximbank, a leading multilateral financial institution in Africa, focuses on building platforms that enhance intra-African trade, foster innovation, and strengthen the continent’s participation in the global economy. The newly launched center, the first of its kind in North Africa, aims to expand trade and investment opportunities and solidifies Egypt’s position as a driving force in Africa’s commercial transformation. n nMadbouly described the event as a milestone in Egypt’s longstanding partnership with Afreximbank, rooted in mutual trust and a shared vision for Africa’s economic renaissance. He emphasized that the center reflects Egypt’s pivotal role in advancing continental economic integration and facilitating commerce, serving as a hub for trade intelligence, innovation, capacity building, and cross-border collaboration. n nHe highlighted the importance of a unified African market in achieving economies of scale, boosting manufacturing, developing regional value chains, and reducing historical reliance on raw material exports. Economic integration, he added, strengthens Africa’s collective bargaining power, attracts foreign investment, and is essential for tackling challenges such as poverty reduction, youth employment, and cross-border infrastructure development in transport and energy. n nStrong African economic alliances, Madbouly noted, are vital for Egypt’s prosperity, opening vast African consumer markets to Egyptian exports, diversifying foreign currency sources, and creating profitable investment opportunities in construction, energy, and telecommunications. These partnerships also reinforce Egypt’s role as a strategic link between Africa, the Middle East, and Europe, aiding in managing transnational issues and ensuring energy security. n nHe praised Afreximbank’s historic support for Egypt’s economy during crises, including economic reforms, the COVID-19 pandemic, and the Russia-Ukraine conflict, as well as its backing of major industrial and agricultural projects across Africa. The bank also contributed to health security by supplying 26 million vaccine doses through the AVAT initiative and has advanced food production, manufacturing, and trade, enhancing Egypt’s role in supplying fertilizers and essential goods. n nThe new center will serve as a premier platform for trade data, market monitoring, training, research, and innovation for African enterprises, and will host major trade and investment events aligned with the objectives of the African Continental Free Trade Area. n
— news from \Bloom Gate\
