In an official statement, Modi stated that he was excited to make his first ever visit to Egypt, a close and friendly country, at the invitation of President Abdel-Fattah El-Sisi.

Modi is scheduled to arrive in Cairo on Saturday after first visiting the United States.

The Indian PM will meet with El-Sisi and other senior members of the Egyptian government.

“We had the pleasure of receiving President El-Sisi as the chief guest at our Republic Day celebrations this year. These two visits in the span of a few months is a reflection of our rapidly evolving partnership with Egypt, which was elevated to a ‘strategic partnership’ during El-Sisi’s visit," PM Modi also said.

In his visit to New Delhi in January, El-Sisi and Modi announced they would increase bilateral trade to $12 billion in the next five years.

According to India’s Ambassador to Cairo Ajit Gupte in January, bilateral trade expanded by 75 percent in 2021/22 to reach its highest-ever level of $7.26 billion, adding that trade between the two countries continues to grow in 2022/23.

Around 50 Indian companies operating in Egypt provide direct employment to approximately 38,000 Egyptians, investing over $3.2 billion across the chemical, energy, automobile, retail, apparel and agriculture sectors, among others.

Many of these companies are planning to expand their investments by a cumulative $800 million, Gupte added.

According to a recent Reuters report, the two sides are expected to announce a trade agreement during the visit whereby India will barter for Egyptian goods like fertilizer and gas as part of a wider deal that could see New Delhi extending a credit line worth several billion dollars.

Indian official sources told Reuters that the agreement would allow Egypt to make purchases in rupees to sidestep its persistent foreign currency shortage and settle the debt through the sale of Egyptian products.