African leaders and institutional heads convened at the inaugural Alamein Africa Forum on Saturday, advocating for a transition from political aspirations to concrete project execution and economic independence. The forum, taking place in the northern Egyptian coastal city of El Alamein, is expected to facilitate dialogue on investment, trade, and enhanced economic collaboration across the continent.
Call for Action at the Alamein Forum
Egyptian President Abdel Fattah El-Sisi opened the event alongside other heads of state, underscoring the gathering’s significance amid current geopolitical and economic challenges. He articulated that peace, stability, strong national institutions, and respect for sovereignty are essential for attracting investments. El-Sisi emphasized the necessity for improved cross-border business connections and practical steps to expedite intra-African trade.
Mahmoud Ali Youssouf, Chairperson of the African Union Commission, stated that Africa possesses vision and ambition but lacks the operational capacity to transform strategies into financially viable and effectively executed projects. He noted that the African Union (AU) aims to unify governmental leaders and private sector executives to align national strategies with the transformative Agenda 2063.
Burundian President and AU Chairperson Évariste Ndayishimiye highlighted the irony of the continent’s abundant natural resources coupled with a lack of transformation. He advocated for a shift from traditional diplomatic relationships to production partnerships, calling for operational trade corridors under the African Continental Free Trade Area (AfCFTA). Additionally, he proposed the creation of an “African Investment and Implementation Dashboard” to track strategic continental projects and measurable outcomes.
The President of Afreximbank, Dr. George Elombi, emphasized the need for member states to protect and leverage African-owned financial institutions. He pointed out that Afreximbank has successfully shielded regional economies from global shocks such as the COVID-19 pandemic and ongoing international conflicts, highlighting the importance of African multilateral finance in bolstering economic resilience.
Nardos Bekele-Thomas, CEO of AUDA-NEPAD, reinforced the urgency of implementation, cautioning that Africa’s issue lies not in a lack of dialogue but in inadequate project execution and financial commitment. She called for enhanced mobilization of African sovereign wealth and pension funds to prepare critical infrastructure projects for investment.
The forum continues until October 4, drawing approximately 1,500 African business leaders with a focus on fostering economic integration and collaborative efforts across the continent. The event is jointly organized by the Egyptian government, the African Export-Import Bank, and the African Union Development Agency.
Why It Matters: The Alamein Africa Forum represents an important effort to address the gap between political ambitions and actionable economic projects in Africa. By encouraging cross-border collaboration and focusing on financial viability, the forum aims to bolster economic resilience and integration across the continent, potentially paving the way for sustained development and investment.
