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During his participation in the "Alamein-Africa Business Forum" in New Alamein City, Hassan Abdalla, Governor of the Central Bank of Egypt, emphasized that building trust and fostering mutual financial cooperation are the cornerstones of achieving economic renaissance in the African continent.

Harnessing Youth Energy and the Labor Market

The Governor noted that approximately 12 million young people enter the labor market annually across the continent, while only about 3 million formal jobs are created. He called for equipping youth with modern education and skills to turn this demographic growth into a primary driver of economic development rather than a burden, alongside adopting predictable and stable economic policies that attract investors.

Financial Infrastructure Reform and Establishing an African Rating Agency

Hassan Abdalla highlighted the importance of developing African financial markets and easing access to finance. He stressed the need to improve credit ratings for African nations and swiftly establish an "African Credit Rating Agency" to ensure fair financing terms and limit the flight of African capital to foreign markets, which currently returns at higher costs.

Relying on Local Currencies and Facilitating Trade

According to the Governor, gradually settling intra-African trade transactions in local currencies reduces reliance on foreign exchange and strengthens banking ties. He also urged the reduction of customs barriers and the streamlining of cross-border movement for goods and individuals to boost bilateral trade volumes.

Practical Steps and Investment Initiatives

The Governor reviewed the positive outcomes of Egypt's economic reforms, including the historic high in net foreign reserves, noting that Egypt has signed over 15 memorandums of understanding with African central banks. He also presented specific, actionable targets, most notably:

Directing 10% of African banking liquidity toward investments within the continent.

Allocating 5% of international reserves of African nations for regional investment.