Egypt’s Investment Minister Says Afreximbank to Provide $1 Billion for Africa’s Automotive Industry

Egyptian Investment and Foreign Trade Minister Mohamed Farid Saleh opened the Focus Africa Automotive Investment Forum, highlighting financing for the continent’s automotive sector.

Saleh said $1 billion from the African Export-Import Bank, known as Afreximbank, would support Africa’s automotive industry.

The forum focuses on investment in the automotive sector across Africa, with the bank’s funding putting financial support at the centre of the minister’s message.

The brief announcement did not specify how the funding would be allocated, which countries or projects would benefit, or when it would become available.