African businesses meet in Egypt as 24 fast growing businesses to pitch for US$200 million financing

Egypt is hosting today its annual international meeting in Sharm El-Sheikh with African and global political and business leaderships to push for a new intra-African comprehensive partnership. BusinessDay is covering the event, which is one of the largest gathering of African businesses on the continent.

Under the auspices of Egyptian President Abdel Fattah al-Sisi, Africa Forum will take place in holiday city of Sharm El-Sheikh on December 8-9, with the theme of “Bold Leadership and Collective Commitment: Advancing Intra-African Investments”.

The event is expected to attract more than 3,000 delegates representing a wide range of disciplines across Africa and the globe, including heads of states, politicians, and business figures. They will hold in-depth discussions on opportunities to boost private sector engagement and intra-African investment, aiming to create a new economic system in Africa based on innovation, entrepreneurship, and women empowerment.

Specifically, nine Heads of State are expected at the Forum as Egypt takes over chairmanship of the African Union in 2019. Also expected are some of Africa’s leading industrialists and also host the largest exhibition of African Investment Promotion Agencies.

READ ALSO: Egypt still reaping rewards of 2016 reforms as inflation slows to 4.2% in July

Another highlight of the forum will be the Deal Room which will see  24 fast-growing African companies pitch for investments worth worth 200 million dollars.  The deal room is a special matchmaking platform for African companies and it has been developed and run jointly by Asoko Insight and IC Publications.

The selected companies will meet and pitch their business to leading investors, private equity firms and venture capital firms to secure funding for their business expansion and growth. They will have a 30 minutes window to achieve this. The 24 companies – hand picked from over 200 entrants from across Africa that applied to participate – were chosen for their strong financial track record, solid revenue, and expansion and export potential. Leading African economic intelligence company Asoko Insight and IC Publications ran the selection process.

Also 20 start-ups were also selected to pitch at the Young Entrepreneurs Day taking place today. A $10,000 prize will be awarded by Egypt Ventures to the winner.

On Dec 8thduring the closing session of Women Empowering Africa (WEA) three women will be recognised for the difference they have made in their sector- in business, civil society and science & education

Organized by the Egyptian Ministry of Investment and International Cooperation and the COMESA Regional Investment Agency (RIA), the forum will witness discussions between regional and international experts on better access to fair competition and investment protection, and digital transformation. They will also discuss building sustainable business models to promote development in the continent.

With the participation of international finance leaders as well as heads of regional and international finance institutions, the forum will also focus on displaying new funding mechanisms for investing in the infrastructure, financing large capital investments in Africa

Taking over the chair of the African Union in 2019, Egypt will intensify efforts to ensure the realization of the continent’s reform plan for the year 2063. Egypt is keen on achieving effective cooperation between African countries to achieve comprehensive economic and social development.

Authorities in Egypt support the early operationalisation of the African Continental Free Trade Agreement (AfCFTA), to come into effect within 2019.

AfCFTAis expected to be one of the largest free trade areas in the world, to serve as the main platform for galvanising intra-continental trade and investment in Africa.

This year, the forum’s agenda includes “Young Entrepreneurs Day” (YED) that provides a comprehensive platform to support entrepreneurs as well as their innovative ideas that can create unconventional solutions for African countries’ crisis. YED will give entrepreneurs the opportunity to meet variable investors and to enhance their skills through YED’s special workshops, designed by advisors and leaders specialised in their field.

The agenda also includes “Women Empowering Africa Day” (WEA), with the aim of a greater role for African women in building the economic and social development of their countries.