Egypt reinforces cooperation with Asia in 8th Belt and Road Summit

Ahram Online , Thursday 14 Sep 2023

Egypt's Minister of International Cooperation Rania Al-Mashat attended the 8th Belt and Road Summit in Hong Kong this week to strengthen cooperation with Asia.

Minister of International Cooperation Rania El-Mashat at the 8th Belt and Road Summit. Press Release
Minister of International Cooperation Rania El-Mashat at the 8th Belt and Road Summit. Press Release.


The summit, held 13-14 September, comes ahead of the Belt and Road Forum for International Cooperation (BRF) with world leaders in Beijing in October, marking 10 years since the initiative's launch by Chinese President Xi Jinping, according to a statement on Thursday.

In Hong Kong, Al-Mashat met with the President of the New Development Bank (NDB), Dilma Rousseff, and bank executives to discuss enhancing multilateral cooperation, including Egypt's potential NDB membership to boost relations with BRICS countries.

Al-Mashat also held preparatory talks with the leadership of the Asian Infrastructure Investment Bank (AIIB) before its annual meeting in Sharm El-Sheikh this September.

This year, the Ministry of International Cooperation has undertaken extensive outreach to countries like Japan, China, South Korea, Singapore, and India, along with multilateral institutions like the NDB and AIIB.

Egypt has grown its development portfolio to around $1.3 billion, including $210 million to finance 11 private renewable energy firms for the Benban solar park.

Officials say the upcoming meetings will yield more joint cooperation in line with Egypt's national development priorities and efforts to promote climate action through innovative financing.

Egypt is reinforcing its partnership with Asian economies ahead of officially joining the BRICS bloc in January 2024.

The country will reap many benefits from the bloc whose trade exchange with Cairo reached $46.673 billion in 2022.

In 2022, Egypt secured development financing worth $13.7 billion to support national development objectives, with $2.6 billion dedicated to the private sector.

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