CAIRO: Investment Minister Ashraf Salman stressed the need to develop cooperation mechanisms with African markets to increase investment opportunities at a speech at the 36th meeting of the General Assembly of the African Reinsurance Corporation Thursday, Mubasher reported.
Salman said economic cooperation with African countries was one of the cornerstones of Egypt’s foreign policy. The meeting was sponsored by Prime Minister Ibrahim Mahlab in the presence of Holding Company for Insurance head Mohamed Youssef and a number of Ministry of Investment leaders.
Salman said that the corporation’s rank has improved internationally and that the corporation received insurance installments worth $670 million in 2013, with assets amounting to $1.4 billion in 2013 and profits of $85 million. These figures improved the corporation’s Standard & Poor’s financial rating to A-.
Salman also spoke of the important role of the corporation to Egypt, especially in the last three years when Egypt faced several challenges. He said the corporation paid over 400 million EGP in compensation to the Egyptian market.
The corporation was founded by a partnership of 41 countries in the African Union.
African Development Bank (AFDB) officials have agreed with Minister of Industry and Trade Mounir Fakhry Abdel Nour to conduct transactions in Egyptian and African currencies—not the U.S. dollar—in an effort to facilitate trade, Food Export Council head Alaa Al Bahi told Al-Alam Al-Youm.
The AFDB has launched a credit sector for financing intra-African trade, Bahi said, adding that the FEC is coordinating between Egyptian banks with branches in African countries to join the agreement.
For promoting Egyptian production, The Egyptian Expo and Convention Authority along with the Egyptian Exporters Association is planning a number of exhibitions in African countries, he said, adding that the exhibitions will be held within the Common Market for Eastern and Southern Africa (COMESA)
“Choosing the COMESA countries is to avoid paying customs duties, as Egypt is a part of the agreement” Bahi added.