Both ministers met on Friday in the Red Sea city of Sharm El-Sheikh on the side-lines of the 2022 Annual Meetings of the Islamic Development Bank Group (IsDB).

The meeting touched upon how the global economy is reeling from the coronavirus pandemic and the spill over of the Russian-Ukrainian War, a statement by the Egyptian Ministry of Finance said.

Both crises have led to the disruption of supply chains along with sending the prices of commodities — including wheat and services — soaring, causing unprecedented inflation rates, the statement pointed out.

Maait reiterated Egypt’s keenness to promote bilateral relations with Qatar, notably in the development and technology sectors to make the optimal use of all chances of cooperation.

The current economic situation reflects the significance of the economic reform programme the Egyptian government adopted over the past years in allowing the country’s economy to withstand challenges and absorb global economic shocks, the minister added.

Furthermore, he said that Egypt pays great attention to fostering an investment environment by overcoming obstacles facing investors; developing infrastructure; and automating procedures, financial services, and business systems related to various investment fields.

During the meeting, both sides discussed means to develop bilateral coordination, foster consultations over monetary policies, and mechanisms of reaching a bilateral agreement to avoid double taxation and encourage joint investments.

In March, Qatar said that it would inject $5 billion in investments into the Egyptian market following talks between Egypt’s Prime Minister Mostafa Madbouly, Qatari Minister of Foreign Affairs Sheikh Mohamed bin Abdel Rahman Al-Thani, and Al-Kawary.

Additionally, Maait and Al-Kawary praised “the tangible” progress in the course of Egyptian-Qatari relations in a way that serves the goals and interests of the two countries and peoples, noted the statement.

In January 2021, an Arab quartet comprising Egypt, Saudi Arabia, the UAE, and Bahrain signed the Al-Ula Declaration, which restored diplomatic, economic, and travel ties with Qatar after a nearly four-year hiatus.

In the wake of the agreement, Egypt and Qatar held rounds of talks with the aim of developing relations between Cairo and Doha, eventually forming the Egyptian-Qatari Joint Committee to foster and strengthen these ties.