Egypt earmarks $500bn to finance 300 projects across Africa.
Speaking at a steering committee meeting of the African Union Development Agency (NEPAD), Foreign Minister Badr Abdelatty presented the “Team Africa” initiative on behalf of President Abdel Fattah Al-Sisi. The plan is designed to support the agency’s second ten-year implementation framework under the African Union’s long-term Agenda 2063 blueprint.
Abdelatty said the initiative aims to bridge Africa’s widening financing gap while addressing persistent challenges, including poverty, unemployment, and food and energy insecurity. “Team Africa” would bring together governments, development institutions, and private capital to fund high-priority projects across the continent.
Egypt, which has chaired NEPAD’s steering committee since February 2023, is handing over leadership to Angolan President João Lourenço. During its tenure, Cairo focused on restructuring the agency internally and accelerating resource mobilisation for strategic programmes.
According to Abdelatty, NEPAD has passed the European Union’s “nine pillars” institutional assessment, a benchmark seen as critical for unlocking greater international funding. The agency’s budget has risen to more than $300m. In comparison, a further $100m has been secured to bolster public health systems, digital economy initiatives, and agricultural development under the Comprehensive Africa Agriculture Development Programme.
He also revealed that Egypt has proposed establishing a dedicated Development Fund under NEPAD to provide a more sustainable financing mechanism for long-term projects.
Beyond financing, the minister underscored a broader strategy linking peace, security, and development, including updates to the African Union’s post-conflict reconstruction framework and deeper cooperation with Cairo-based institutions.
On climate resilience, Egypt is hosting a continental Centre of Excellence for Resilience and Adaptation to Climate Change. Domestically, Cairo has pledged $100m in seed funding for projects in Nile Basin countries focused on water, food, and energy.
Source: Africabusinessinsider