African leaders call for self-funding and increased intra-continental trade

African leaders at the inaugural Alamein Africa Forum in Egypt have called for increased mobilization of internal resources to fund the continent's growth and reduce reliance on external financing. The three-day summit, attended by over 20 heads of state, business leaders, and bankers, aims to foster cross-border partnerships and identify local opportunities.

Egyptian President Abdel Fattah el-Sisi noted that while the private sector drives over 70% of Africa's GDP, approximately 85% of private sector transactions are conducted with companies outside the continent. Mahmoud Ali Youssef, Chairperson of the African Union Commission, reported that intra-African trade reached $220 billion in 2024, accounting for 14.4% of the continent's total trade. This represents a 12.4% growth following a contraction the previous year.

The forum, which will now be held biennially under the mandate of the African Union, will focus on sectors including infrastructure, agriculture, healthcare, mining, technology, and renewable energy. The event also highlights Egypt's growing economic engagement in Africa, with estimated investments totaling $14 billion, including the $3 billion Julius Nyerere Hydropower Project in Tanzania.