With Chinese investments taking a backseat in the continent, the Middle East’s growing involvement in Africa’s development has become a lifeline, addressing critical economic and infrastructure needs. Against this backdrop of economic turmoil, the Middle East-Africa partnership is taking center stage. “The connection between the Middle East and Africa, nurtured over decades, continues to flourish, signaling the strengthening of trade relationships,” he added. UAE-based Mashreq Bank is leading the way, making investments across 14 African countries, while GCC funders are seeking partnerships with local lenders to bolster infrastructure development. Plumptre also highlighted the importance of strengthening governance and transparency within the Middle East-Africa investment corridor.

Source: The North Africa Journal August 20, 2023 06:08 UTC