The African Continental Free Trade Area (AfCFTA) Secretariat and the United Bank of Africa have signed an agreement to support Small and Medium Enterprises in Africa with 6 billion dollars to scale up and expand into multinational companies.

Minister El-Meselhi emphasised the ministry's commitment to eliminating any barriers that investors may face in implementing logistical projects and growing important commercial activities.

Al-Mashat stressed the decisive role of the private sector in facing the challenges of sustainable development, by contributing to economic growth, job creation, employment, facing poverty and maintaining food security, as well as the primary role in mitigation efforts and adaptation to the effects of climate changes, and the promotion of environmental sustainability.

Nigeria has regained its position as Africa’s top crude oil producer for May 2023, according to the latest report published by the Organization of Petroleum Exporting Countries (OPEC), that also attributes the slow growth of the country’s economy by 2.4% year-on-year in the first quarter of 2023 to certain factors including a decline in crude oil output.

Egypt aims to receive 15 million tourists this year, 18 to 20 million in 2024, and 30 million tourists annually in 2028. This comes in line with Egypt’s national strategy to grow the tourism industry by 25-30% annually.

Nigeria on Monday (22 May) commissioned the Dangote Refinery billed as Africa’s largest oil refinery, amid hopes of transforming the West African country into a net exporter of petroleum products, though doubts persist that securing crude supplies could delay achieving full production this year.

While China’s global competition has been a well-known fact, Beijing now signals an expansion of its ambitions in the Horn of Africa, as evidenced by Ethiopia’s recent acknowledgement that China has become the East African nation’s leading source of foreign direct investment, largest trading partner, and development financier.

Chairman of the Suez Canal Economic Zone (SCZone) Walid Gamal El Din announced the signing of $487 million agreements and contracts between a number of Chinese companies and the industrial developer TEDA-Egypt for establishing new projects in the industrial zone of Al Ain Al Sokhna.

More than eight hundred players in the business community are expected to converge in the UK for the third edition of the Ghana Investment and Opportunity Summit (GHIOS) slated for June this year.