Egyptian Prime Minister Mostafa Madbouly has directed the formation of a task force to implement a proposal for balanced trade deals with African countries, as per a statement.

In a recent meeting of the Permanent High Committee for Egyptian-African Relations, Madbouly highlighted that the Central Bank of Egypt (CBE) is preparing a plan to promote fair trade exchanges with African nations.

He also stressed the importance of studying the establishment of logistics zones in several African countries to enhance trade.

Additionally, he suggested identifying key African countries where Egyptian banks could establish branches to support these efforts.

During the meeting, Minister of Investment and Foreign Trade Hassan El-Khatib expressed full support for these initiatives and emphasized his ministry’s efforts to establish logistics hubs in African countries.

For her part, Naglaa Nozahie, Advisor for African Affairs to the CBE governor, outlined Egypt’s goal of boosting export growth rate by at least 20% annually between 2024 and 2030. This plan aims to push up Egyptian exports to $130 billion by fiscal year (FY) 2026/2027 and $145 billion in 2030.

Nozahie explained that the proposed balanced trade deals would benefit both sides by providing Egyptian goods to African nations, reducing their trade deficits, and increasing Egypt’s trade resilience.

She added that the initiative would also help activate the African Continental Free Trade Agreement (AfCFTA) and improve economic ties with African partners.

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