Egyptian officials Monday touted investment openings in Africa. “Inflows of foreign direct investment (FDI) to Africa totalled $88 billion in 2009. Africa has new opportunities in various fields like agriculture, energy and infrastructure," Egyptian Prime Minister Ahmed Nazif told an African business forum. On behalf of Nazif, Fayza Abul Naga, the country's Minister of Foreign Affairs, opened Monday the Third COMESA Investment Forum in the Red Sea resort of Sharm el-Sheikh. "COMESA now targets projects of high value added to benefit African citizens," Nazif added in his address read out on his behalf by Abul Naga. Delegates from 19 African countries and from the Gulf Co-operation Council and representatives of world institutions are taking part in the two-day event, which wraps up Tuesday. COMESA, or the Common Market for Eastern and Southern Africa, comprises 19 member countries stretching from Libya to Swaziland and was established in 1994 to collaborate in economic development through deep regional integration. Representatives leading global financing institutions are attending the forum. Meanwhile, Egypt's Minister of Agriculture Amin Abaza said on the sidelines of the conference that Egypt would offer 100,000 feddans (103,800 acres) for agri-business in North Sinai on a 49-year lease, but only to domestic investors. "The concession right is renewable ... and we are currently negotiating with two Egyptian State-owned banks to take part as developers," Abaza said, naming the banks as Banque Misr and National Bank of Egypt. "The land will be offered to Egyptian investors only because it is in Sinai," the Minister said, adding that negotiations with the two banks would conclude in July. Under the 1979 peace treaty between Egypt and Israel, land on the Sinai peninsula can not be sold to foreigners. The land will be used for agriculture reclamation and agriculture manufacturing projects, Abaza said. The Minister had previously said Egypt would invite tenders in March for 50,000 acres of land in North Sinai for agri-business projects. Egypt said in February it planned to lease farmland for agri-business projects during 2010 but was waiting for the agriculture ministry to allocate suitable plots. The Industrial Development Authority (IDA) said last year Egypt would start up its agri-industrial zones project in June 2009. It said Egypt could raise as much as 66 billion Egyptian pounds by 2020 through the scheme.
