Egypt joins Fund for Export Development in Africa

FEDA is an impact fund focusing on the structural transformation of African trade.

It aims to create social and environmental benefits by investing in infrastructure, manufacturing, financial services, agribusiness, and technology.

The fund was developed to promote Afreximbank's mission of reshaping Africa's trade and export sectors and bridging their funding, financial instrument, sectorial, and structural gaps.

As part of Egypt's vision to strengthen its presence in Africa, Cairo hosted the third Intra-African Trade Fair (IATF) in November 2023. 

Around 1,500 companies from 75 countries participated in this fair to stimulate commercial integration across countries.

Moreover, the trade between Egypt and other African markets grew by 1.2 percent to $5.82 billion in 2023.

Egypt's main exports to Africa include construction materials, such as marble, cement, polyethene, and phosphate fertilizers, the former minister of trade and industry Ahmed Samir said.

Additionally, the country has implemented an export support programme, which offers a 50 percent intensive rebate on freight costs for Egyptian exports to Africa.

This year, Egypt is also working on raising its exports of petrochemicals and fertilizers to African countries by 10 percent, according to the Head of the Export Council for Chemical Industries and Fertilizers Khaled Abul-Makarem.