Egypt hosts AUDA-NEPAD founding nations as Al-Sisi calls for innovative development financing

Egyptian President Abdel Fattah Al-Sisi co-chaired a high-level summit of the founding nations of the African Union Development Agency (AUDA-NEPAD) on Saturday, utilizing the Mediterranean city of New Alamein to champion a new era of continental self-reliance and private-sector-led growth. The summit, co-chaired with Angolan President João Lourenço, marked the 25th anniversary of the New Partnership for Africa’s Development (NEPAD). It brought together leaders from the five founding member states—Egypt, Algeria, Nigeria, Senegal, and South Africa—alongside Burundian President and current African Union Chairperson Évariste Ndayishimiye, AU Commission Chairperson Mahmoud Ali Youssouf, and AUDA-NEPAD CEO Nardos Bekele-Thomas.

In his opening address, President Al-Sisi emphasized that true development cannot be imported but must be forged by the will, knowledge, and innovation of the continent’s people. “The time has come for Africa to rely more on its own resources and to build and adopt African financing mechanisms,” he stated, describing NEPAD as the indispensable executive arm translating Agenda 2063 into tangible reality. Al-Sisi highlighted Egypt’s tenure chairing the NEPAD steering committee, noting that Cairo prioritized bridging severe developmental funding gaps. He pointed to the creation of the biennial Alamein Africa Business Forum as a direct initiative to mobilize cross-border investments and support the second ten-year implementation plan of Agenda 2063. Additionally, he noted that Egypt had pushed for the establishment of an African Union development fund under the “Team Africa” initiative to enhance the continent’s collective project execution capabilities. The Egyptian leader stressed that empowering the African private sector requires governments to build…