Egypt has unveiled an ambitious $500 billion financing proposal aimed at accelerating development across Africa by backing nearly 300 high‑impact projects, officials said at a key meeting of the African Union Development Agency (AUDA‑NEPAD). This bold strategy, dubbed the “Team Africa” initiative, was presented by Foreign Minister Badr Abdelatty on behalf of President Abdel Fattah el‑Sisi and is designed to address long‑standing financing gaps that hamper continental development progress.
Speaking at the steering committee meeting, Abdelatty outlined how the initiative fits into the agency’s second ten‑year implementation framework under the long‑term African Union Agenda 2063 vision. The overarching goal is to bring together African governments, development institutions and private capital to fund priority projects that tackle poverty, unemployment, infrastructure deficits, food insecurity and energy challenges across the continent.
The funding push builds on recent institutional gains at AUDA‑NEPAD. Under Egypt’s chairmanship of the steering committee since February 2023, the agency’s programme budget doubled to more than $300 million and successfully passed the European Union’s “nine pillars” institutional assessment, a critical benchmark for unlocking greater international financing. Egypt also secured additional funding for public health, digital economy initiatives and agricultural development under continental programmes.
The $500 billion “Team Africa” plan is intended to bridge widening financing gaps that have long hindered large‑scale development efforts across Africa. Many African nations lack the necessary capital to build critical infrastructure such as roads, power systems and water networks, challenges that are further compounded by slow growth, high debt burdens and limited access to global financial markets. By tying public and private financing streams together, Egypt’s proposal aims to unlock capital at a scale rarely seen on the continent.
Beyond sheer finance, Egypt also emphasized the need to link peace, security and development in continental planning. Officials highlighted plans to update policies on post‑conflict reconstruction and deepen cooperation with Cairo‑based institutions focused on resilience and reconstruction, recognizing that sustainable development often depends on stability and cohesive governance.
The initiative also includes steps to enhance continental cooperation in other areas. Egypt pledged an additional $100 million in seed funding for projects in Nile Basin countries focused on water, food and energy security, issues seen as foundational to sustainable growth and regional cooperation. Plans are underway to extend AUDA‑NEPAD’s executive leadership and host an African Business Summit later this year to catalyse partnerships between governments, financiers and the private sector.
Analysts say the “Team Africa” initiative could reposition Africa’s development financing architecture by encouraging cross‑border investment and shared ownership of major infrastructure programmes. If successful, it may help close gaps that have long slowed progress toward key continental goals, from industrialisation and trade integration to climate resilience and human development. China, international development banks and regional private capital markets could all play roles in translating the initiative from proposal to execution.