The five founding countries of the New Partnership for Africa's Development (NEPAD), including Senegal, Algeria, South Africa, Egypt, and Nigeria, recently convened in El-Alamein, Egypt, to reaffirm their commitment to financing African development. The meeting, which marked the 25th anniversary of NEPAD, resulted in the adoption of the Alamein Declaration. This declaration outlines several key steps to mobilize private capital, support small and medium-sized enterprises, and accelerate the implementation of continent-wide projects.
The Alamein Declaration emphasizes the central role of the African Union Development Agency (AUDA-NEPAD) in implementing the Agenda 2063 and the need for predictable financing to achieve the continent's ambitions. The declaration also highlights the importance of leveraging African resources to drive development. Senegal's President Bassirou Diomaye Faye paid tribute to the founders of NEPAD and noted the progress made in infrastructure development, human capital, and intra-African trade, while also acknowledging the persistent challenges.
President Faye stressed that accelerating development requires strengthening financing mechanisms for the continent. He advocated for better access to concessional and mixed financing, increased mobilization of domestic resources, and greater involvement of the African private sector in implementing structuring projects. The Alamein Declaration supports this vision by making the African private sector a key player in the second decade of the Agenda 2063.
The Alamein Declaration also announces the creation of an Alamein investment platform by the 2027 African Union summit. This platform aims to gather private capital commitments for the continent's development. Additionally, the declaration provides for the establishment of a portfolio of projects ready for investment. The number of projects that have reached financial closure will be tracked at each edition of the Alamein-Africa Business Forum.
The financing of small and medium-sized enterprises is another key area of focus for the new roadmap. The founding countries have committed to promoting a continental facility for SMEs and value chains. This mechanism, expected to be launched at the 2027 mid-year summit, will aim to measure job creation for young people and women.
The AUDA-NEPAD will play a crucial role in implementing the Alamein Declaration. President Faye emphasized the need for better coordination between AUDA-NEPAD and other stakeholders, including states, regional economic communities, African financial institutions, and development partners. This coordination aims to link continental priorities to national strategies and strengthen project monitoring.
The Alamein Declaration marks a new chapter for NEPAD's founding countries. The commitments announced on investment, SME financing, and risk reduction must now be translated into operational mechanisms and effectively implemented projects. For Senegal and its partners, the challenge is to turn the ambitions of Agenda 2063 into measurable results for African economies and populations.
Key points
- The Alamein Declaration aims to mobilize private capital to support African development.
- The African private sector will play a key role in the second decade of the Agenda 2063.
- The Alamein investment platform will be launched by the 2027 African Union summit.
