Egypt, Cameroon discuss developing economic relations

Daily News Egypt
4 Min Read

Egypt’s Minister of International Cooperation, Rania Al-Mashat, has met with Minister of Economy, Planning, and Regional Development for Cameroon, Alamine Ousmane Mey, as part of his visit to Egypt to participate in the 3rd Meeting of Governance Council of Arab Africa Trade Bridges Program.

Al-Mashat explained that the Ministry of International Cooperation is working to promote joint development between Egypt and the African continent by pushing for regional integration, and by enhancing expertise and knowledge-sharing while spotlighting Egypt’s own development experiences with other African countries. This is in light of the political leadership’s commitment to strengthening relations and supporting areas of development across the continent.

The Minister also discussed the first edition of the Egypt – International Cooperation Forum (Egypt – ICF), held under the patronage Abdel Fattah El-Sisi, which looked into strengthening multilateral cooperation post-pandemic.

Al-Mashat also reviewed several agreements that were concluded in terms of promoting development in Africa. This includes the navigation line project between Lake Victoria and the Mediterranean Sea, the railway line project between Egypt and Sudan, and Cairo-Cape Town road project, which facilitates transportation and trade. This particular project is operating, reflecting opportunities for international and regional financing institutions to contribute, as well as stimulating the participation of the private sector in developing the road to advance integrated development in the continent.

The Minister discussed the joint committee with countries in Africa, which is an important area of focus for the Ministry of International Cooperation’s work in strengthening economic cooperation between Egypt and the rest of the continent.

Moreover, Al-Mashat expressed that as Egypt is hosting CO27 this year in Sharm El-Sheikh, this enhances the country’s position internationally and regionally in leading the green transformation efforts.

Al-Mashat said that there are various opportunities for cooperation, especially within the African continent, and via partnerships with international banks, multilateral institutions, government entities, and the private sector in Egypt to promote climate finance, and to advance the country’s efforts in achieving sustainable development through adaptation and mitigation projects, coupled with utilizing innovative and blended finance mechanisms to promote a green economy.

On his part, Minister Mey stressed the importance of enhancing the prospects for trade exchange between both countries, and in achieving integration between the Arab and African regions, which has become urgent in light of the health crisis and geopolitical challenges faced by the world.

Mey also expressed his interest in starting an Egyptian-Cameroonian business forum to discuss prospects for economic and technological cooperation, and to increase the exchange of information and expertise, and to ensure capacity building, while also paving the way for joint manufacturing.

With enhanced cooperation and inter-trade between both countries, particularly in new and renewable energy, health, food security, and agriculture, he also referred to unlocking great potential for Egypt and Cameroon.

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