By Abdel Razek Al-Shuwekhi
The Common Market for Eastern and Southern Africa (COMESA) is considering building a factory to recycle waste, generate electricity and produce fertiliser in Kenya worth €40m, said Chairman of the Board and Managing Director of COMESA, Sharif Ameen Al-Khoreibi.
The project will be funded by a coalition of Egyptian and Finnish companies and African banks, he added.
According to Khoreibi, East Africa is a promising market for Egyptian investment, especially the countries of the Nile Basin, where 50% of Africa’s resources are located.
Egyptian investments in the countries of East Africa amount to $5bn according to Khoreibi, most of which were established after Egypt joined the organisation in 1988, with Citadel Capital and El Sewedy Electric Co at its forefront.
Khoreibi added that COMESA trade exchange from $150m in 1998 to $2.5bn at the beginning of 2011.
He explained that a waste recycling factory in Saudi Arabia was built using SAR 425m.
Infrastructure investment is one of the most active investment sectors in African countries in light of their working to complete basic infrastructure both in Eastern and Western Africa.
He said that economic relations can help reform political tensions between the countries.
“Ethiopia has not rejected bringing any Egyptian investments to its territory,” and El Sewedy Electric Co is one of the largest companies operating in the energy sector, said Khoreibi.
He requested that the private sector expand investments in Africa, where fierce competition is underway among the countries of the world. Chinese investments in Africa exceed $130bn, but “Egypt is absent”.
