Minister of Finance Mohamed Maait has signed a memorandum of understanding with his Greek counterpart to launch a periodic dialogue between the two sides, to exchange visions on issues and topics of financial policies and mechanisms for developing technical cooperation, in line with the depth of bilateral relations in various fields, and the common aspiration to strengthen them.
During their meeting in the Greek capital, Athens, the two sides exchanged views on the economic situation in the two countries, and the effects of the global economic crisis, in which the repercussions of the Coronavirus pandemic intertwine with the challenges posed by the war in Europe, especially the unprecedented wave of inflation, the rise in prices of goods and services, as well as the rise in interest rates.
Mohamed Maait stressed that the Egyptian government is keen to enhance cooperation with the Greek side in various fields, explaining that there are promising projects for electrical interconnection between the two countries, and that Greece could become a gateway for exporting green energy from Egypt to Europe, especially in light of the Egyptian tendency to expand the production of clean energy including green hydrogen.
He referred to Egypt’s aspiration to officially launch the Sustainable Debt Alliance in Egypt, during the month of September, which supports green growth, contributes to addressing environmental challenges and encourages the flow of additional green investments, pointing out that 20 countries have confirmed their desire to join the alliance, and Egypt is looking forward to more for a strong push for climate and development action, as it aims to create financial space in developing countries to invest in infrastructure, and achieve Sustainable growth in the post-pandemic period.
Maait stressed that the Sustainable Debt Alliance contributes to creating a new path for consultations at the intersection of debt, climate and development, pointing to Egypt’s aspiration to enhance the role of the Finance Ministers’ Alliance for Climate Action in building a global economic system that is more resilient and capable of green recovery, to avoid health, economic and environmental shocks, especially In light of the successive global crises, which intensified the financing pressures on emerging economies.
For its part, the Greek side welcomed the initiative to establish the Sustainable Debt Alliance, which was launched on the Finance Day at the Climate Conference in Sharm El-Sheikh, and looked forward to strengthening the role of the Alliance of Finance Ministers for Climate Action in accelerating the pace of green recovery, stressing its support for development efforts in Egypt, and looking forward to activating the dispatch agreement of seasonal labor from Egypt to Greece in the coming period.