Cairo, Egypt – (African Boulevard News) – In a major development for Egypt’s New Administrative Capital project, the African Export-Import Bank (Afreximbank), headquartered in Cairo, has signed a deal worth $32 million to relocate its operations to the new capital. This move is part of President Abdel Fattah el-Sisi’s ambitious plan to establish a thriving administrative and business hub east of Cairo.
The decision by Afreximbank to shift its base to the New Administrative Capital is seen as a strong endorsement of Egypt’s economic potential and the government’s commitment to driving growth and development in the region. Egyptian authorities have been actively encouraging international organizations to relocate their headquarters to the new city. This is aimed at attracting global companies and creating a business-friendly environment that fosters innovation and economic prosperity.
The New Administrative Capital, a mega-project initiated by President Sisi, aims to alleviate the congestion in Cairo and provide a modern, sustainable city that can accommodate the growing population and meet the increasing demands of urbanization. The city’s strategic location and state-of-the-art infrastructure, including high-speed transportation links and advanced communication systems, make it an attractive destination for businesses and organizations looking to expand their operations in Egypt.
Dr. Benedict Oramah, President of Afreximbank, expressed his enthusiasm about the move, stating, “Relocating to the New Administrative Capital aligns with our long-term vision for Africa’s development and underscores our commitment to supporting Egypt’s economic growth. We believe this move will enhance our ability to serve our clients more efficiently and contribute to the progress of the region as a whole.”
The decision by Afreximbank to relocate comes at a time when Egypt is actively pursuing economic reforms and attracting foreign investments. The move is expected to have a positive impact on the country’s image as a favorable business destination, prompting other international organizations to consider similar relocations.
This development is welcomed by Egypt’s government, which has been working tirelessly to attract foreign direct investment and boost economic growth. The relocation of Afreximbank will create job opportunities, stimulate economic activity, and further strengthen Egypt’s position as a regional economic powerhouse.
As Egypt’s New Administrative Capital moves closer to becoming a reality, the influx of international organizations, such as Afreximbank, signals a promising future for the city and the country as a whole. The construction of the new capital is progressing rapidly, and it is projected to become a vibrant hub for business, culture, and innovation in the region.
With the endorsement of Afreximbank’s move to the New Administrative Capital, Egypt is solidifying its stature as an attractive destination for global investments, setting the stage for a prosperous future and signaling the country’s commitment to sustainable development and economic progress.
As more international organizations follow suit and relocate to the new city, Egypt’s vision of a thriving administrative and business hub will be closer to realization, setting a new benchmark for urban development in the region.
