AfDB Justifies Partnership With Egyptian African Business Association

Posted by Eric Ojo Business News, Latest Headlines Friday, March 31st, 2023

(AFRICAN EXAMINER) – African Development Bank (AfDB) has expressed its motivation for partnering with the the Egyptian African Business Association (EABA).

EABA was formed in 2019, with the objective of increasing Egyptian private sector collaboration with African counterparts. It is composed of 22 industrial committees representing all industrial sectors.

Its membership consists of companies and national banks. It utilizes its extensive network of 150,000 African businesses to advocate for trust building, information sharing and cooperation to increase Africa-to-Africa business.

The association has active memorandum of understanding with 10 African chambers of commerce, it promotes value chain linkages through targeted interventions and site visits that connect farmers with manufacturers (olive and olive oil), high level businessmen forums (such as the Nigerian Businessmen Forum that gathered 145 key Nigerian businessmen in 2022).

AfDB’s new Country Manager for Egypt, Abdourahmane Diaw, disclosed this when he received a delegation from EABA in his office recently.

Diaw commended the government for the bold actions it is taking to strengthen its integration into the African continent to spur trade and investments.

“The Bank is promoting and supporting major Egyptian business players through its ‘African Champions’ initiative and has been linking up Egyptian enterprises and major projects in Egypt with potential partners and investors, through the Africa investment forum.

“But considering the sizable membership of EABA and the sector coverage, working with the association will enable the Bank to reach a substantial segment of the Egyptian private sector space” he said.

He also reassured that AfDB will continue to engage with EABA to explore areas of potential collaboration and support for Egyptian private sector growth domestically and across Africa.

The visit was led by the chairman of the association, Dr. Yousry El Sharkawy. He was accompanied by Dr. Mohamed Mandour, head of the Government Relations Committee, Mostafa Alamir, Secretary General, and other members, including Arab Contractors Facility Management and Zworld holding.

The meeting was a follow up to a February 2023 Industrial and Trade Business Opportunity Forum organized by the African Development Bank in collaboration with the Ministry of Industry and Trade.

The teams discussed areas to support Egyptian businesses’ expansion into the rest of Africa and ways to benefit from Bank-funded operations. To maintain an active relationship, the two parties will create a task force that will meet periodically to explore areas of potential collaboration.

El Sharkawy acknowledged the Bank’s convening power and footprint in the continent and said he looked forward to the institution’s support in the achievement of the association’s objectives.

“We want the AfDB, our preferred partner, to work with us to deliver on our new ideology, notably, to foster stronger and fruitful relationships in other African Countries”, he stressed.

Meanwhile, EABA plans to organize the third edition of Africa Agriculture Day on 27th April, an annual tradition, underscoring the need to rally African countries for intra-African trade on essential crops and inputs for food security.