Rami Aboulnaga, the Deputy Governor of the Central Bank of Egypt (CBE), met with Helene Budliger Artieda, the Swiss State Secretary for Economic Affairs, and Yvonne Baumann, the Swiss Ambassador to Cairo, at the CBE headquarters. The meeting was held on the sidelines of the eighth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), which took place in Sharm El-Sheikh.
The meeting, which was also attended by several of CBE’s top management officials, focused on enhancing and developing bilateral economic relations, in line with the Swiss Confederation’s cooperation program in Egypt (2021-2024). The two sides discussed exchanging experiences and supporting bilateral financial ties, as well as expanding Swiss businesses in the Egyptian market.
Aboulnaga welcomed the Swiss delegation to Egypt and highlighted the economic developments and the promising opportunities in the Egyptian market. He also explained the measures that the CBE, in collaboration with the Egyptian government, is taking to confront the economic challenges that the world is facing due to global geopolitical conflicts.
Artieda affirmed the depth of economic relations with Egypt and expressed Switzerland’s support for the Egyptian economic reform program, implemented per the International Monetary Fund’s agreement. She also proposed the formation of a joint economic committee between Switzerland and Egypt, which was welcomed by the CBE. She also suggested enhancing the cooperation between the central banks of both countries.
Egypt and Switzerland have strong and long-standing relations, dating back more than four decades. Switzerland has contributed to several developmental projects that support the Egyptian economy. Egypt is also Switzerland’s largest trading partner in Africa, and Swiss companies have a solid presence in the local market, with total investments estimated at around $1.2bn.