African leaders are urging a shift towards utilizing domestic capital to finance economic growth, aiming to reduce the continent’s dependence on external funding. The call was made during the Alamein Africa Forum in Egypt, a gathering that included over 20 heads of state, government representatives, business leaders, bankers, and development institutions.
Egyptian President Abdel Fattah Al-Sisi emphasized the significant role of Africa’s private sector in driving economic activity. However, he pointed out that it remains predominantly linked to markets outside the continent. President Al-Sisi encouraged businesses to explore opportunities within Africa and foster cross-border partnerships to strengthen the regional economy.
Highlighting the progress in regional trade, African Union Commission Chairperson Mahmoud Ali Youssouf stated that intra-African trade reached $220 billion in 2024, making up 14.4% of the continent’s total trade. He noted a 12.4% growth in intra-African trade during the year, indicating positive momentum towards increased economic integration.
The Alamein Africa Forum, set to be a biennial event, will concentrate on key sectors such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. This focus aligns with the leaders’ vision of leveraging Africa’s resources to boost the continent’s economic autonomy and sustainable development.