CAIRO: Egyptian President Abdel-Fattah al-Sisi has said that the country's infrastructure projects have cost about USD 500 billion in the last seven years.

According to the state media report, Sisi remarked in a televised speech during one of the sessions of the African Export-Import Bank's 29th Annual Meetings (AAM2022) held in Egypt's New Administrative Capital east of Cairo, "adequate infrastructure is the key to development and luring investments."

However, according to the president, what has been done so far only covers 10% to 12% of Egypt's overall territory of 1 million square kilometres.

Africa's agricultural potential is great, but it lacks the infrastructure to manage its natural resources, according to Sisi, who urged worldwide major banks to provide money to Africa to modernise its infrastructure for development projects.

More than 3,000 people from African central banks, governments, and international organisations are attending the AAM2022, which runs till Saturday.

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