By Obiabin Onukwugha
Egypt has unveiled an ambitious initiative tagged “Team Africa”, to mobilise $500 billion in financing for nearly 300 development projects across the continent, positioning itself at the centre of a renewed continental push to close infrastructure and funding gaps.
Egypt also announced that it is hosting a continental Centre of Excellence for Resilience and Adaptation to Climate Change, revealing that Cairo has pledged $100m in seed funding for projects in Nile Basin countries focused on water, food, and energy.
Egypt Foreign Minister, Badr Abdelatty, revealed this at a steering committee meeting of the African Union Development Agency (NEPAD), while presenting the “Team Africa” initiative on behalf of President Abdel Fattah Al-Sisi.
The plan, Andelatty said, is designed to support the agency’s second ten-year implementation framework under the African Union’s long-term Agenda 2063 blueprint.
Abdelatty stated that the initiative aims to bridge Africa’s widening financing gap while addressing persistent challenges, including poverty, unemployment, and food and energy insecurity. “Team Africa” would bring together governments, development institutions, and private capital to fund high-priority projects across the continent,” the Minister said.
Egypt, which has chaired NEPAD’s steering committee since February 2023, is handing over leadership to Angolan President João Lourenço. During its tenure, Cairo focused on restructuring the agency internally and accelerating resource mobilisation for strategic programmes.
According to Abdelatty, NEPAD has passed the European Union’s “nine pillars” institutional assessment, a benchmark seen as critical for unlocking greater international funding. The agency’s budget has risen to more than $300m. In comparison, a further $100m has been secured to bolster public health systems, digital economy initiatives, and agricultural development under the Comprehensive Africa Agriculture Development Programme.
He also revealed that Egypt has proposed establishing a dedicated Development Fund under NEPAD to provide a more sustainable financing mechanism for long-term projects.
Beyond financing, the minister underscored a broader strategy linking peace, security, and development, including updates to the African Union’s post-conflict reconstruction framework and deeper cooperation with Cairo-based institutions.
Business Insider Africa reported on Monday that the meeting concluded with a recommendation to extend NEPAD’s executive leadership and to plan for Egypt to host an African Business Summit later this year, aimed at strengthening ties among governments, financiers, and the private sector.