African economic summit ends with calls for investment

2016-02-21 22:03
The "Africa 2016" conference in Egypt's Red Sea resort of Sharm El-Sheikh. (Mohamed el-Shahed, AFP)

The "Africa 2016" conference in Egypt's Red Sea resort of Sharm El-Sheikh. (Mohamed el-Shahed, AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Sharm el-Sheikh - A two-day African economic summit in Egypt ended on Sunday amid calls for investment as organisers said several business proposals were negotiated to help boost growth.

More than 1 200 delegates including some heads of states attended the conference at the Red Sea resort of Sharm el-Sheikh, aimed at attracting private sector investment.

Organisers of "Africa 2016" did not reveal the overall investment figure agreed, but said several memorandums of understanding were signed for projects in sectors including infrastructure, health and information technology.

"What is needed is mega African projects to attract investments," said Egypt's Investment Minister Ashraf Salman in remarks translated into English as he closed the summit.

Salman said Egypt, an organiser of the summit along with the African Union, already has investments worth $8 billion in Africa, and more projects were planned.

"Egypt is part and parcel of Africa. We share a common destiny," he said.

Analysts say that despite an economic growth rate of more than four percent, Africa still accounts for about only two percent of global trade.

On Saturday, leading bankers said that despite several challenges including those emerging from "terrorism", Africa remained an investment destination.

Africa Development Bank president Akinwumi Adesina said the bank plans to invest $12bn in the continent's energy sector over the next five years.

Africa's economy is projected to grow by 4.4% this year and five percent in 2017 as against three percent growth expected in developed countries, he said.

Read more on:    africa 2016  |  egypt  |  north africa

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24


Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.