Egypt acquires 25% of COMESA exports, ADB

CAIRO: Egypt acquired 25 percent of intra-regional trade exports in the Common Market for Eastern and Southern Africa (COMESA), African Development Bank (ADB) representative Laila Mokaddem said Thursday.

Egypt ranks fourth among the major importers in the COMESA region as well, Mokaddem said during a panel discussion organized by ADB Thursday.

During the panel, ADB reviewed its future vision of offering banking or non-banking services. The bank also reviewed its studies about the possible ways to promote intra-regional trade and investment between EGYPT and the COMESA block.

“ADB prepared a study which confirmed the importance of Egypt’s location in Africa in promoting the intra-regional trade with the COMESA member states,” Mokaddem said.

She further noted that regional integration in the COMESA block would spur cooperation to achieve economic prosperity, with 19 member states importing $32 billion in imports while exports are valued at $82 billion annually.

ADB’s total liabilities in Egypt are valued at 1 billion dollars, Mokaddem announced during the Egypt-Eastern Africa Business Council meeting in March.

Laila urged the private sectors in Egypt to direct investments in the African states, stressing that the current transitional phase in Egypt is best to enter this market with great potential for growth, according to Youm7.

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