Within the framework of Egypt’s vision to achieve economic and fiscal integration with African fellow states across various fields, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), took part in the “Alamein Africa Forum,” hosted by Egypt in New Alamein City. Inaugurated by H.E. President Abdel Fattah El-Sisi, President of the Republic, the Forum convened heads of state and government, senior officials, and business leaders, along with representatives from financial institutions, public and private sectors, in addition to investors and businessmen from across the continent.
The Governor participated as a keynote speaker in a high-level session titled “Africa’s New Growth Compact in a Turbulent World”. The panel featured H.E. Mr. Deogratius John Ndejembi, Vice President of the United Republic of Tanzania, and Mr. Corneille Karekezi, Chief Executive Officer and Group Managing Director of African Reinsurance Corporation “Africa Re”. The session focused on the most prominent challenges facing African economies, as well as ways to promote sustainable growth and support financial and investment integration continent-wide.
At the outset of the panel discussion, the Governor highlighted that Africa needs to build confidence, strengthen joint financial cooperation, and create enough jobs for its rapidly growing young population. He noted that youth is the continent’s biggest opportunity and possibly liability, with around 12 million young people enter Africa’s job market each year, while only about 3 million formal jobs are created. He added that Africa needs to make sure young people have the education and skills to become an economic asset rather than a factor of impediment.
Mr. Abdalla called on African countries to adopt stable and predictable economic policies, clear economic identities, and quantifiable plans, to build the credibility that allows investors and businesses to know what to expect. He stressed that confidence in the economy is fundamental to attract investments and achieve sustainable growth.
The Governor underscored the importance of developing the continent’s financial architecture, explaining that Africa needs stronger financial markets, with a focus on better access to finance, robust banking systems, and better ways of evaluating African investments and creditworthiness. He further stressed the need to work on credit ratings and establish an African rating agency, which would enhance the ability of African economies to access financing and investment on more favorable terms.
He also emphasized on the importance of strengthening trade and financing among African countries, noting that African capital often leaves the continent for developed markets and then returns to Africa at a higher cost. This calls for more capital to circulate within Africa and for leveraging the continent’s own financial resources.
In the same context, Mr. Abdalla pointed to the importance of making greater use of local currencies and increasing intra-regional trade conducted in African currencies, rather than relying entirely on external currencies. He explained that starting with part of trade is a practical first step, which would support trade and investment flows, while strengthening financial interconnection among African countries.
In line with this vision, Mr. Abdalla underlined the positive outcomes achieved through Egypt’s economic reforms. He pointed to key improvements across several economic and financial indicators, including the surge in Egypt’s net international reserves to unprecedented levels and the improvement in the capital adequacy ratios of banks operating in Egypt. These metrics reflect the resilience of the banking sector and its conducive environment for business, reinforcing its capacity to finance economic activity and drive sustainable development.
As part of Egypt’s commitment to turn this vision into practical steps, Mr. Abdalla affirmed that Egypt is actively strengthening financial and banking ties with various African countries, noting that at least 15 Memoranda of Understanding (MoUs) have been signed with African central banks in several key areas, including training and governance. He added that banks operating in Egypt are expanding their regional presence by opening credit lines and providing financial facilities, aimed at enhancing money markets, increasing liquidity, and supporting investment within the continent.
Building on this, the Governor emphasized the need to reduce barriers between African countries and make it easier for goods and people to move across borders. Specifically, he highlighted the importance of shortening processing time required to clear goods and complete customs clearance procedures, which are key factors for promoting intra-African trade and investment.
Additionally, Mr. Abdalla cited that Africa needs measurable and actionable commitments rather than discussions. He outlined several practical targets, including; directing 10% of African banking liquidity towards intra-continental investment, and allocating 5% of international reserves to investment within Africa.
The CBE Governor concluded by affirming that deepening financial and banking cooperation among African countries, along with developing financial markets, boosting intra-African trade, and facilitating capital movement, are essential to unlocking the continent’s vast potential and turning its population, with a focus on youth, into a sustainable economic and investment force.
Noteworthy, the “Alamein Africa Forum” is held pursuant to a decision by the African Union (AU) Summit in February 2026, mandating its convention biennially in New Alamein City. The Forum aims to transition from setting Africa’s development priorities to mobilizing the resources, investments, and partnerships required to turn those goals into tangible projects and practical outcomes. In addition, it facilitates direct engagement among governments, business communities, investors, and financing institutions.
The Alamein Africa Forum comes in parallel with a series of high-level African events hosted by Egypt in New Alamein City, including the Summit of the Founding Member States of the African Union Development Agency (AUDA-NEPAD) on Saturday, October 3, and the Eighth Mid-Year Coordination Meeting of the AU on Sunday, October 4, 2026.
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