Egypt has launched a “Team Africa” initiative aimed at mobilising $500bn for approximately 300 developmental projects across the continent, Foreign Minister Badr Abdelatty said on Sunday.

Delivering a speech on behalf of President Abdel Fattah Al-Sisi at the African Union Development Agency (NEPAD) steering committee meeting, Abdelatty outlined a roadmap for the agency’s second ten-year plan under Agenda 2063. The initiative seeks to bridge the continent’s funding gap and address rising poverty, unemployment, and food and energy security challenges.

Egypt, which has chaired the NEPAD steering committee since February 2023, is handing over its leadership to Angolan President João Lourenço.

During its tenure, Cairo focused on two parallel tracks: reorganising the agency’s internal structure and intensifying resource mobilisation for high-priority continental projects.

Abdelatty stated that NEPAD has successfully passed the European Union’s “nine pillars” assessment and increased its budget to more than $300m. He added that the agency secured $100m to support public health services, digital economy initiatives, and the Comprehensive Africa Agriculture Development Programme (CAADP).

The minister also highlighted a proposal to study the creation of a “Development Fund” under NEPAD to act as a sustainable financing mechanism.

On the security front, the agency adopted a comprehensive approach linking peace, security, and development. This includes updating the African Union’s policy on Post-Conflict Reconstruction and Development (PCRD) and strengthening cooperation with the Cairo-based AU Centre for PCRD.

Addressing climate change, Abdelatty noted that Egypt is hosting a Centre of Excellence for Resilience and Adaptation to Climate Change to support continental efforts.

At the national level, Egypt has committed $100m to seed funding for projects in Nile Basin countries, specifically focusing on water, food, and energy sectors.

The meeting concluded with a recommendation to extend the term of NEPAD’s Executive Director for a second period. Egypt also announced plans to host an African Business Summit later this year to foster integration between governments, the private sector, and financial institutions.

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