Central Bank of Egypt (CBE) Governor Hassan Abdalla recently participated in a high-level session at the Alamein Africa Forum, hosted by Egypt in New Alamein City. The session, titled “Africa’s New Growth Compact in a Turbulent World,” brought together prominent figures, including heads of state and government, senior officials, business leaders, and representatives of financial institutions. The discussion focused on key challenges facing African economies and ways to promote sustainable growth while strengthening financial and investment integration across the continent.
Abdalla emphasized that Africa needs to build confidence, strengthen joint financial cooperation, and create sufficient jobs for its rapidly growing young population. He described the continent’s youth as its “biggest opportunity and possibly liability,” noting that around 12 million young people enter Africa’s labour market each year, while only about 3 million formal jobs are created. He stressed the need to ensure that young people receive the education and skills required to become an economic asset rather than a factor of impediment.
The CBE Governor underscored the importance of developing Africa’s financial architecture, saying the continent needs stronger financial markets, greater access to finance, robust banking systems, and improved mechanisms for evaluating African investments and creditworthiness. He also stressed the need to strengthen credit ratings and establish an African rating agency, which he said would enhance the ability of African economies to access financing and investment on more favourable terms.
Abdalla highlighted the importance of strengthening trade and financing among African countries, noting that African capital often leaves the continent for developed markets before returning to Africa at a higher cost. He said this underscores the need for more capital to circulate within Africa and for the continent to make greater use of its own financial resources. In this context, Abdalla stressed the importance of making greater use of local currencies and increasing intra-regional trade conducted in African currencies rather than relying entirely on external currencies.
Abdalla highlighted the positive outcomes achieved through Egypt’s economic reforms, pointing to improvements across several economic and financial indicators, including the surge in the country’s net international reserves to unprecedented levels and the improvement in the capital adequacy ratios of banks operating in Egypt. He said these indicators reflect the resilience of the Egyptian banking sector and its conducive environment for business, reinforcing its capacity to finance economic activity and support sustainable development.
As part of Egypt’s efforts to translate this vision into practical steps, Abdalla said the country is actively strengthening financial and banking ties with various African countries. He noted that at least 15 memoranda of understanding (MoUs) have been signed with African central banks covering several key areas, including training and governance. He added that banks operating in Egypt are expanding their regional presence by opening credit lines and providing financial facilities aimed at enhancing money markets, increasing liquidity, and supporting investment across the continent.
The Alamein Africa Forum is being held pursuant to a decision by the African Union (AU) Summit in February 2026 mandating that the forum be convened biennially in New Alamein City. The forum aims to move beyond setting Africa’s development priorities towards mobilising the resources, investments, and partnerships required to turn those priorities into tangible projects and practical outcomes.
Key points
- CBE Governor Hassan Abdalla calls for stronger African financial integration and local currency trade.
- Abdalla stresses the need for Africa to build confidence, strengthen joint financial cooperation, and create sufficient jobs for its rapidly growing young population.
- The CBE Governor highlights the importance of developing Africa’s financial architecture, including stronger financial markets and improved mechanisms for evaluating African investments and creditworthiness.
