African Economic Summit concludes with calls for investment

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Monday 22 Feb 2016 - 14:04 Makkah mean time-13-5-1437 African economic summit, Sharm el-Sheikh, Egypt (AFP photo) Sharm el-Sheikh, Egypt (IINA) – A two-day African Economic Summit in Egypt ended on Sunday amid calls for investment as organizers said several business proposals were negotiated to help boost growth, AFP reported. More than 1,200 delegates including some heads of states attended the conference at the Egyptian Red Sea resort of Sharm el-Sheikh, aimed at attracting private sector investment. Delegates to the gathering organized by Egypt and the African Union (AU) included the presidents of Sudan, Nigeria, Togo and Gabon, as well as dozens of African ministers and senior trade and investment officials. According to organizers of "Africa 2016", several memorandums of understanding (MoUs) were signed for projects in sectors including infrastructure, health and information technology. "What is needed is mega African projects to attract investments," said Egypt's Investment Minister Ashraf Salman in remarks as he closed the summit. Salman said Egypt, an organizer of the summit along with the AU, already has investments worth $8 billion in Africa, and more projects were planned. "Egypt is part and parcel of Africa. We share a common destiny," he added. Analysts say that despite an economic growth rate of more than four percent, Africa still accounts for about only two percent of global trade. On Saturday, leading bankers said that despite several challenges including those emerging from "terrorism", Africa remained an investment destination. President of African Development Bank Group (AfDB) Akinwumi Adesina said the bank plans to invest $12 billion in the continent's energy sector over the next five years. Africa's economy is projected to grow by 4.4 percent this year and five percent in 2017, against three percent growth expected in developed countries, he said. Organizers hoped the conference would build on a 26-nation free-trade pact signed last year to create a common market on half of the continent. In his opening remarks on Saturday, Egyptian President Abdel Fattah el-Sisi said the continent should push forward trade and investment to strengthen Africa’s place in the world economy. AB/IINA