The African Export-Import Bank (Afreximbank) in Cairo, recently signed a memorandum of understanding (MoU) with the Arab Organisation for Industrialization (AOI) to cooperate in pursuing opportunities for Africa’s development through industrialisation. Prof. Benedict Oramah, President of Afreximbank, and Lt. Gen. Abdel Moneim Eltarass, Chairman of the Arab Organization for Industrialisation (AOI), signed the MoU on behalf of their respective organisations during a ceremony at the AOI headquarters. The MoU represents the commitment of Afreximbank and AOI to enhancing the levels of industrialisation and export manufacturing within Africa and to pursuing opportunities to advance the continent’s development through industrialisation and supply chain, said the President. He announced that AOI was already working with many organizations in that regard, including Arab Contractors, Holding Company for Chemical Industries, Egyptian German Electrical Manufacturing Company and BESIX. AOI, which was established in 1975 by the Egyptian government to create technology-based industries in the Arab world, currently has 13 manufacturing plants in Egypt.

Source: The North Africa Journal March 02, 2019 09:45 UTC