Senegalese President Bassirou Diomaye Faye recently visited Egypt, where he met with his counterpart, Abdel Fattah Al-Sissi, and six Egyptian business leaders. The meetings focused on strengthening economic ties between the two nations, with a particular emphasis on sectors such as transportation, renewable energy, banking, healthcare, industry, and housing. These discussions aimed to enhance cooperation and encourage investments between Senegal and Egypt.
One of the key areas of focus was the transportation sector, specifically the revival of a direct air link between Cairo and Dakar. Hussein Sherif Fahmi, President and CEO of Air Cairo, discussed the possibility of reinstating the route, which previously operated from December 2023 to August 2024 with a technical stop. Air Cairo also expressed interest in supporting Air Sénégal in training its engineers, mechanics, and flight personnel. Furthermore, the development of a cargo link was explored to boost commercial exchanges between the two countries.
Renewable energy was another crucial sector discussed during the meetings. Mohamed Ismail Mansour, founder and CEO of the Infinity Group, presented investment opportunities in solar and wind power. Infinity, through its joint venture with Masdar, Infinity Power, already operates the Taïba Ndiaye wind farm and plans to invest in new projects with a combined capacity of one gigawatt. This could significantly enhance the share of renewable energy in Senegal's national energy system.
The banking sector also featured prominently in the discussions. Mohamed Mahmoud El Etreby, President of the National Bank of Egypt, expressed interest in establishing a partnership with Senegal, potentially leading to the opening of an Egyptian bank in the country. This would facilitate transactions between entrepreneurs from both economies. Additionally, Hisham Issa, CEO of Safe Call Bank, presented a project for a therapeutic center for stem cells in Dakar, with an investment of $10 million.
Industrial development and electronic finance were also on the agenda. Hatem Raslan, CEO of Siltal Africa, discussed the launch of a refrigerator and air conditioner production plant in the Diamniadio industrial park, with an investment of $10 million. The plant is set to be inaugurated soon. Raslan also presented new projects aimed at supporting Senegal's National Transformation Agenda 2050.
The cooperation between Senegal and Egypt extends beyond these specific projects. Khaled Mikati, President of the Senegal-Egypt Business Council, proposed several initiatives, including equipping hospitals with medical imaging devices, innovations in cancer treatment, electronic finance solutions for tax collection and payment management, and the construction of eco-friendly, affordable housing. These projects address various needs, from modernizing public services to improving healthcare equipment and developing housing solutions.
The strengthened economic ties between Senegal and Egypt are expected to lead to increased cooperation and investment. The two countries share common positions within international organizations such as the African Union, the Organization of Islamic Cooperation, and the United Nations. The challenge now lies in transforming the expressed intentions into formalized partnerships and securing financing for these projects.
Key points
- Strengthening economic cooperation between Senegal and Egypt
- New projects in renewable energy, healthcare, and transportation
- Enhanced partnerships and investments between the two nations
