African leaders and business representatives are pushing for increased utilization of the continent’s domestic capital to spur economic growth and lessen dependence on foreign funding. This was the central message at the Alamein Africa Forum held in Egypt, which gathered over 20 heads of state, government officials, business leaders, bankers, and development institutions.
During the forum, Egyptian President Abdel Fattah Al-Sisi emphasized the vital role of Africa’s private sector in driving economic progress. He noted, however, that the sector remains significantly tied to markets outside Africa. Al-Sisi urged African businesses to seek more opportunities within the continent and to bolster cross-border partnerships to promote regional economic integration.
Mahmoud Ali Youssouf, Chairperson of the African Union Commission, highlighted the growth of intra-African trade, which reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. He also pointed out a 12.4% increase in intra-African trade during the same period, underscoring the potential for further development within the continent.
The Alamein Africa Forum, which will be held biennially, aims to focus on key sectors such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. The initiative is part of a broader strategy to harness Africa’s resources to finance its growth trajectory, thereby reducing the reliance on external financial sources.