Egypt's Sisi Urges Companies Of Russia, Other Countries To Invest In Africa

Egyptian President Abdel Fattah Sisi called on Wednesday upon private companies of Russia and other states to cooperate with African nations in investment, pledging to ensure the continent's stable development and progress

SOCHI (UrduPoint News / Sputnik - 23rd October, 2019) Egyptian President Abdel Fattah Sisi called on Wednesday upon private companies of Russia and other states to cooperate with African nations in investment, pledging to ensure the continent's stable development and progress.

The two-day Russia-Africa summit and business forum, co-chaired by the presidents of Russia and Egypt, began on Wednesday in Russia's Sochi.

The Egyptian leader underlined that the African continent was embarking on "the new phase of economic development" as its industrial potential and digitalization was on the rise.

"I would like to call upon private companies of Russia, other countries and international financial organizations to cooperate in investments in Africa. The time is right for that now," Sisi said at the forum.

He also urged international financial organizations to partake in funding initiatives aimed at promoting Africa's economic growth and to "provide financial assurances for strengthening its economic capacity that might promote investment activity."

"We pledge to provide optimal conditions for implementation of the development programs that will help Africa to embark on the way of progress, well-being and stable development," Sisi stressed.

In his speech, the Egyptian leader also thanked Russian President Vladimir Putin for hospitality and hosting the summit.

"We highly appreciate the attention that is given in the Russian Federation to strengthening the cooperation between Russia and Africa, and we regard the forum as the platform to develop the relationship for mutual investments and cooperation between the two peoples ... Its deliverables will be beneficial for the nations of Africa," Sisi said.

He also stressed that cooperation with African countries should be based on mutual interests and principles of protection of African property, adding that it would enable to ensure the sustainable development in Africa and create the business-like atmosphere, social equity, as well as peace and stability.

"I would like to express hope that the forum will contribute to the development of cooperation between African countries and Russia in different areas in years to come," he concluded.

The Rossiya Segodnya International Information Agency is an official media partner of the forum.