Leaders at Egypt summit push for financial independence

By the Editorial Team · Sunday, October 4, 2026

African leaders gathered in El-Alamein, Egypt, for the first Alamein Africa Forum to discuss strategies for enhancing the continent's financial independence and boosting trade and investment within Africa. The summit highlights Africa's ongoing efforts to increase intra-continental economic collaboration, reduce reliance on external partners, and develop key sectors like infrastructure and technology, with Egypt playing a central role in driving these initiatives.

African leaders convened in Egypt on Saturday to discuss enhancing the continent’s financial independence and boosting intra-African economic ties during the inaugural Alamein Africa Forum. The three-day summit, held in the Mediterranean city of El-Alamein, drew more than 20 heads of state, government representatives, business executives, bankers, and leaders of development institutions.

Egyptian President Abdel Fattah El-Sisi emphasized the critical role of Africa’s private sector, which generates over 70 percent of the continent’s gross domestic product. However, he highlighted a persistent challenge: approximately 85 percent of African private-sector transactions occur with companies outside the continent rather than between African nations. El-Sisi suggested that the forum aims to identify and cultivate opportunities within Africa, encouraging cross-border partnerships that could foster greater economic integration.

Mahmoud Ali Youssouf, chairperson of the African Union Commission, acknowledged recent progress in intra-African trade, citing that trade within the continent reached $220 billion in 2024, representing 14.4 percent of total African trade. This figure reflects a 12.4 percent growth in intra-African trade last year, recovering from a 5.9 percent contraction in 2023. Despite this rebound, Youssouf stated that there remains considerable potential for improvement, underscoring the continent’s capacity to further expand economic collaboration.

The forum, which the African Union has designated as a biennial event, will center on several key sectors including infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. The gathering also signals Egypt’s renewed focus on Africa as it seeks to deepen its engagement on the continent, following years of greater emphasis on the Middle East and the Mediterranean region.

Egyptian investments in Africa are estimated at around $14 billion. Notable projects include the Julius Nyerere Hydropower Project in Tanzania, valued at $3 billion. This summit occurs amid Egypt’s ongoing efforts to secure African support over its prolonged dispute with Ethiopia regarding the Grand Ethiopian Renaissance Dam, which Egypt views as a potential threat to its share of Nile River waters.

As Egypt seeks to reclaim and expand its influence across Africa, the forum reflects broader continental aspirations to reduce reliance on external financing and strengthen economic integration among African countries.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.