The Egyptian Cabinet, in its latest session on Thursday, granted approval for a draft presidential decree pertaining to Egypt’s accession to the Fund for Export Development in Africa (FEDA), an entity under the umbrella of the African Export-Import Bank (Afreximbank).
The Fund was instituted with the specific purpose of implementing two core aspects of Afreximbank’s existing strategy. These focal points include the advancement of exports and industrialization, along with the reinforcement of intra-continental trade. FEDA’s overarching goal is to augment foreign direct investment inflows to the African continent, thereby contributing to the overall improvement of investment activities within the region. Additionally, it seeks to furnish the necessary financing for investments in corporate capital and industrial infrastructure.
