The dialogue aims to exchange views on financial policy issues and mechanisms to develop technical cooperation.
Egypt plans to export green energy to Europe through Greece - File Photo
Egypt's Minister of Finance, Dr. Mohamed Maait, signed a memorandum of understanding with Greece's Minister of Finance to launch a periodic dialogue between the two countries' ministries of finance.
The dialogue aims to exchange views on financial policy issues and mechanisms to develop technical cooperation. This move is in line with the deepening of bilateral relations in various fields and the joint aspiration to strengthen them.
During their meeting in the Greek capital, Athens, the two sides exchanged views on the economic situation in both countries, the effects of the global economic crisis, and the challenges posed by the pandemic and war in Europe, particularly the unprecedented inflationary wave, rising commodity and service prices, and interest rate hikes.
Dr. Maait stressed that the Egyptian government is keen to enhance cooperation with the Greek side in various fields, noting that there are promising projects to link the two countries' electricity grids. Greece could become a gateway for exporting green energy from Egypt to Europe, especially in light of Egypt's trend toward expanding the production of clean energy, including green hydrogen.
The minister also pointed out that Egypt is looking forward to officially launching the Sustainable Debt Alliance in September, which supports green growth, contributes to addressing environmental challenges, and encourages additional green investments.
Twenty countries have expressed their desire to join the alliance, and Egypt hopes to create a financial space in developing countries for investing in infrastructure and achieving sustainable post-pandemic growth. The Sustainable Debt Alliance contributes to creating a new path for consultations at the "intersection of debt, climate, and development."
The minister added that Egypt is looking forward to enhancing the role of the "Finance Ministers' Alliance for Climate Action" in building a more resilient global economic system capable of green recovery, to avoid health, economic, and environmental shocks.
Egypt has made significant progress in reforming its economy and implementing macroeconomic policies, which led to the country's financial stability and increased investor confidence.
The government's efforts resulted in attracting significant foreign investment and achieving a growth rate of 5.6% in the fiscal year 2020/2021. Additionally, Egypt has become a regional leader in renewable energy production, with plans to increase its share of renewable energy in the energy mix to 42% by 2035.
