Egypt's Foreign Minister Sameh Shoukry said that Egyptian President Abdel-Fattah El-Sisi's recent meeting with his Sudanese counterpart and the Ethiopian Prime Minister did not address any issues concerning the Ethiopian Renaissance Dam.

Speaking to journalists in Sharm El-Sheikh on the sidelines of a two-day business investment forum, Shoukry said that the meeting between Egypt's El-Sisi, Sudanese President Omar Al-Bashir and Ethiopian PM Hailemariam Desalegn discussed means of investment, economic and trading cooperation in Africa.

Shoukry explained that El-Sisi, suggested during the meeting the establishment of a joint investment fund – in which the three countries contribute defined shares – that aims at financing projects agreed upon for common development.

The Egyptian FM highlighted that only the foreign and the irrigation ministries are the official authorities tasked with the issues of the Renaissance Dam, stressing that a tripartite meeting will convene by the end of February to evaluate the findings of the two consultancy firms tasked with conducting impact studies on the dam.

The meeting between the three leaders was planned following talks held during a security conference in Munich between Egypt's foreign minister Shoukry and his Ethiopian counterpart over Ethiopia's Grand Renaissance Dam.

On Friday, Egyptian Minister of Irrigation Hossam Moghazi said the country's state council has approved a finalised draft of the contract to be signed with French consultancy firms responsible for studies related to the impact of the Ethiopian Dam on Egypt and Sudan.

Moghazi added that both Ethiopia and Sudan have been officially informed of Cairo's readiness to sign the contract in the upcoming days.

“Consultations are under way between the water ministers of the three countries to set a date to sign the contract before the end of February,” Moghazi said in a press release.

Although Egypt has repeatedly expressed concern over the dam's possible effect on the country, Ethiopia insists it will not negatively affect Egypt's share of Nile water.