Central Bank of Egypt (CBE) Governor Hassan Abdalla said that Egypt has signed around 15 memorandums of understanding (MoUs) for cooperation with African central banks as part of efforts to strengthen financial and banking ties and support economic integration between Egypt and African countries.
Abdalla made the remarks on Sunday, October 4, 2026, while speaking as a keynote speaker at a high-level session titled “Africa’s New Growth Compact in a Turbulent World” during the Alamein Africa Business Forum, hosted by New Alamein and inaugurated by President Abdel Fattah El Sisi.
Abdalla said the MoUs signed with African central banks cover several areas of cooperation, including training and governance, supporting the exchange of expertise and the development of institutional capacities in the continent’s banking sector. He noted that Egyptian banks are also working to expand their presence in African markets by opening credit lines and providing financing facilities, contributing to investment, increasing liquidity and developing capital market operations across the continent.
He stressed that strengthening banking and financial ties among African countries is key to increasing the movement of capital within the continent, particularly as part of Africa’s capital flows out to developed markets before returning to the continent at a higher cost.
Abdalla called for turning African financial cooperation into practical, measurable and implementable commitments, proposing that 10% of African banking liquidity be directed toward investment within the continent and 5% of international reserves be invested in Africa.
He stressed the importance of developing African financial markets and facilitating access to financing, while strengthening banking systems and improving investment and creditworthiness assessment mechanisms. He also called for improving the credit ratings of African countries and establishing an African credit rating agency to help the continent’s economies access financing and investment sources on more efficient terms.
The CBE governor stressed the importance of expanding the use of local currencies in intra-African trade instead of relying entirely on foreign currencies, explaining that settling part of trade transactions in local currencies could serve as a gradual step toward strengthening trade, investment and financial ties among African countries.
He also stressed the need to reduce barriers to the movement of goods and people across African borders and accelerate cargo clearance and customs procedures to support the growth of intra-African trade and investment. Abdalla noted that around 12 million young people enter Africa’s labour market each year, while only around 3 million formal jobs are created, stressing that investment in education and skills is essential to turning population and youth growth into a driver of economic growth.
He stressed the importance of African countries adopting stable and predictable economic policies and setting clear, measurable plans to boost investor confidence, attract investment and achieve sustainable growth.