On the sidelines of the IMF and World Bank meetings in Marrakesh, Mohamed Maait, the Egyptian Minister of Finance, met with his German counterpart, Christian Lindner, to discuss how to enhance bilateral relations in various fields, such as economic and investment activities, financial and social policies, and development cooperation. Egypt and Germany are among the largest development partners in the world, having collaborated in many sectors over the past years.
Maait expressed his hope for increasing German investments in Egypt, as the country is working to improve the investment climate and attract more productive activities in different sectors. He also emphasized Egypt’s commitment to an economic reform program and stimulating measures for the local and foreign private sector, encouraging them to take advantage of the opportunities in promising, value-added, and globally competitive fields.
He said that Egypt is keen to strengthen cooperation in the field of green hydrogen and liquefied gas production, which would benefit both sides and support sustainable development efforts and environmentally friendly investments. He also highlighted the importance of utilizing German expertise and technology to localize industry in Egypt, which would help boost the industrial sector, create more jobs, improve the living standards of citizens, and enhance the services provided to them.
He pointed out that Egypt believes in the importance of international development partnerships that contribute to achieving sustainable growth and accelerating the pace of economic recovery, especially in light of the challenges posed by the coronavirus pandemic and the war in Europe, which have put enormous pressure on emerging markets. He stressed the importance of social protection packages and programs to deal with the negative effects of the massive inflationary wave and the high cost of food and energy.