Egypt's president opens Africa investment conference

NEWYou can now listen to Fox News articles!

Egyptian President Abdel-Fattah el-Sissi is opening an Africa-focused investment conference, with government and private sector representatives, aiming to boost intra-African investments.

El-Sissi said on Saturday in the Red Sea resort of Sharm el-Sheikh that Egypt's private sector investment in Africa has exceeded $8 billion, without providing further details.

The Egyptian president said in a televised speech that the country aims to double trade between his country and other African nations in the next five years from the current $5 billion.

Sub-Saharan African economies are expected to expand an average of 3.7 percent, and are expected to rise to 4.4 percent growth in 2016, and 4.8 percent in 2017, according to the World Bank.