African leaders have called for greater use of the continent’s own financial resources to fund development and reduce reliance on external financing.
The call came during the inaugural Alamein Africa Forum in Egypt, which brought together more than 20 heads of state and government representatives alongside business leaders, banks and development institutions.
Africanews, citing AFP, reported that the three-day summit is focused on strengthening investment and economic cooperation across the continent.
Sisi calls for stronger African business links
Egyptian President Abdel Fattah al-Sisi said Africa’s private sector accounts for more than 70% of the continent’s gross domestic product.
However, he said African businesses remain much more connected to companies outside Africa than to businesses within the continent.
“Around 85 percent of African private-sector transactions are conducted with companies outside the continent,” Sisi told the gathering.
He said the forum could help businesses identify opportunities within Africa and develop more cross-border partnerships.
Intra-African trade reaches $220 billion
African Union Commission Chairperson Mahmoud Ali Youssouf said intra-African trade reached $220 billion in 2024.
That represented 14.4% of the continent’s total trade.
Intra-African trade also grew by 12.4% during 2024, following a 5.9% contraction the previous year.
While describing the figures as encouraging, Youssouf said “Africa can do much better”.
The Alamein Africa Forum is expected to become a biennial event under an African Union mandate.
Future discussions will focus on areas including infrastructure, agriculture, healthcare, mining, technology, trade and renewable energy.
Egypt seeks deeper economic ties with Africa
Egypt has also been expanding its economic engagement across Africa.
Officials estimate Egyptian investments on the continent at about $14 billion.
These investments include Tanzania’s $3 billion Julius Nyerere Hydropower Project.
The forum comes as African governments seek ways to mobilise more domestic capital and strengthen economic links within the continent.