Foreign Minister Badr Abdelatty announced on Monday, 14 October that Egypt has officially launched a Nile Basin investment fund to promote development through collaboration with other countries in the region.
The fund’s primary goal is to support infrastructure and development projects across Nile Basin countries, including Uganda, Sudan, and others.
Abdelatty explained that the fund will be financed from three main sources: the Egyptian state budget, partnerships with the private sector in Egypt, and collaborations with other Nile Basin countries as well as regional and international organizations.
He emphasized that Egypt is hopeful these partners will channel a portion of their investment commitments in Africa through this initiartive, thereby strengthening regional ties and fostering mutual growth.
The fund is part of a broader strategy that aligns with Egypt’s commitment to prioritizing development initiatives in Africa, reflecting the country’s view of the continent as a key area for diplomatic and economic engagement.
Abdelatty highlighted the Ministry of Foreign Affairs and Immigration’s recent focus on development initiatives across the continent. This includes sending experts and medical convoys to support healthcare in fellow African nations, as well as constructing medical facilities to address their needs.
Additionally, the new fund is expected to enhance Egypt’s role as a leader in the region, showcasing its dedication to improving its own infrastructure and supporting the development of its neighbors.
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