African leaders seek more capital for continental growth

Leaders push for African investment
African leaders have called for greater mobilisation of the continent’s own capital to finance development and reduce dependence on external funding. The call came at the inaugural Alamein-Africa Forum in Egypt, which brought together African leaders, government officials, business executives and financial institutions.

Egypt hosts major business forum
The three-day forum is being held in New Alamein from October 2 to 4, with more than 20 heads of state and government representatives expected alongside business and financial leaders. The event is designed to strengthen investment, trade and cross-border partnerships across Africa.

Private sector seen as key driver
Egyptian President Abdel Fattah al-Sisi said Africa’s private sector contributes more than 70% of the continent’s GDP, making it a major driver of economic growth and employment. However, he said African businesses remain heavily connected to markets outside the continent.

Most transactions remain outside Africa
Sisi said about 85% of transactions by African private companies are conducted with businesses outside the continent. He argued that stronger links between neighbouring African markets could create more opportunities for companies and investors.

Trade within Africa remains limited
African Union Commission Chairperson Mahmoud Ali Youssouf highlighted progress in intra-African trade but said the continent still has significant untapped potential. Intra-African trade reached about $220 billion in 2024, representing 14.4% of total African trade, according to figures cited at the forum.

Trade rebounds after contraction
Youssouf said intra-African trade increased by 12.4% in 2024 after contracting by 5.9% the previous year. He said the improvement was encouraging but added that Africa could achieve considerably more by strengthening economic integration.

Forum to become biennial
The Alamein-Africa Forum is set to take place every two years under an African Union mandate. Its agenda includes infrastructure, trade, agriculture, healthcare, mining, technology and renewable energy.

Focus on investment and financing
The forum aims to connect governments, businesses and financial institutions to expand financing and investment opportunities. It also seeks to support development projects and strengthen implementation of the African Continental Free Trade Area and the AU’s Agenda 2063.

Egypt expands African engagement
The summit also reflects Egypt’s growing economic engagement across Africa. Egyptian officials say the country’s investments on the continent are worth about $14 billion, including major infrastructure projects such as Tanzania’s Julius Nyerere Hydropower Project.

Nile dispute remains a backdrop
The forum comes as Egypt continues its dispute with Ethiopia over the Grand Ethiopian Renaissance Dam. Cairo has called for a binding agreement governing the dam’s operation, while Ethiopia maintains that the project is important to its economic development.

Africa seeks greater economic integration
The discussions in New Alamein reflect efforts to move beyond trade agreements towards practical investments, partnerships and projects connecting African economies. Organisers say stronger cooperation between governments, businesses and financial institutions will be essential to unlocking the continent’s economic potential.