CBE's Governor witnesses the release of African Economic Outlook 2023 report

Hassan Abdullah, Governor of the Central Bank of Egypt, yesterday, participated in a panel discussion on African Economic Outlook 2023 report, opened by Akinwumi Adesina, President of African Development Bank Group.

This came within the framework of Egypt's hosting of the annual meetings of the African Development Bank Group for 2023, which were held in Sharm El-Sheikh from May 22-26.

In addition to the Governor of the Central Bank, Andrew Mitchell, Governor of the United Kingdom at African Development Bank and Minister for International Development and Africa, Christophe Boris, Interim Governor of France at the Bank and Deputy Director for Multilateral Finance and Treasury, Admasu Tadesse, Honorary President and Managing Director, participated in this session. Trade and Development Bank Group, Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean Region of the European Bank for Reconstruction and Development.

During the session, CBE's Governor stressed the need to stimulate the private sector to implement direct investments instead of relying on high-burdened loans, by providing a supportive environment that guarantees to investors that the return on capital covers all potential risks, especially in light of the African continent enjoying opportunities and competitiveness in all sectors.

Hassan Abdullah called for the need to work on providing mechanisms to encourage the expansion of private investments in Africa, and to reduce the risks facing investors, while making more efforts to open more profitable investment horizons, private sector places the margin of return on its investments among its top priorities.

He also referred to the vital role played by multilateral financing institutions in raising awareness, and expressed his aspiration for these institutions to play an effective role in mobilizing private sector capital, by providing technical assistance and soft and long-term financing, as well as providing new financing mechanisms such as providing guarantees, in order to ensure a high return that meets aspirations of investors.

The Governor also stated that, as an Egyptian citizen, he believes that the Egyptian private sector has always enjoyed strength, as the state supports it and encourages it to expand continuously, and efforts to expand the ownership base of this sector through a program of government offerings, within the framework of a clear national plan characterized by a high degree of transparency.