Egypt launches investment fund for Nile Basin countries

Egypt has officially launched a Fund dedicated to investment in the Nile Basin, aimed at fostering development through collaboration with neighboring countries. This initiative was announced on October 14.

The fund is designed to facilitate investment in development and infrastructure projects across the Nile Basin nations, adhering to strict economic standards to enhance project success and attract foreign financing.

Foreign Minister Badr Abdelatty outlined the Fund’s three primary funding sources: the Egyptian State budget, private sector partnerships, and collaboration with other Nile Basin countries and international organizations. He expressed optimism that partners would direct some of their investment commitments to the Fund.

Highlighting Africa’s significance in Egypt’s foreign policy, Abdelatty noted the continent’s priority in Egypt’s diplomatic efforts, emphasizing ongoing development initiatives in recent years. He also praised the Ministry’s Partnership for Development Agency for its work in sending experts and medical assistance to African nations, as well as constructing healthcare facilities to meet urgent needs.

The establishment of the Nile Basin investment Fund represents a key step in Egypt’s efforts to enhance regional cooperation and promote sustainable development, leveraging both national and international resources for a positive impact in the region.