The Minister of Finance of Egypt, Mohamed Maait signed a Memorandum of Understanding with his Greek counterpart in order to start a dialogue on a regular basis between the two parties, exchange views and ideas about financial policies, and develop mechanisms to enhance technical cooperation. This is in accordance with the depth and breadth of bilateral relations and their common desire to strengthen them.
The two sides met in Athens to discuss the economic conditions in both countries and the effects on the global economy of the Coronavirus pandemic, which is intertwined with the war in Europe and its challenges, including the unprecedented inflation wave, the increase in prices for goods and services as well as an increase in interest rates.
Mohamed Maait said that the Egyptian Government is eager to increase cooperation with Greece in various areas. He explained that there are promising electrical interconnection projects between the two countries and that Greece could be a gateway to export green energy from Egypt into Europe, particularly in light of Egypt’s tendency to expand the production of clean energy, including green hydrogen.
He said that Egypt hoped to launch the Sustainable Debt Alliance, which promotes green growth and addresses environmental challenges, in Egypt in September. Twenty countries had confirmed their interest in joining the alliance. Egypt was looking forward to further climate and development actions, in order to achieve Sustainable growth after the pandemic.
Maait emphasized that the Sustainable Debt Alliance contributed to creating a path for consultations that intersect debt, climate, and development. She cited Egypt’s desire to strengthen the role of the Finance Ministers’ Alliance for Climate Action to build a global economy that is more resilient, capable of green recovery and to avoid health, environmental, and economic shocks.
The Greek side, for its part, welcomed the Sustainable Debt Alliance initiative, which was launched during the Finance Day at the Climate Conference at Sharm El-Sheikh. It also looked forward to the strengthening of the Alliance of Finance Ministers for Climate Action to accelerate the pace of the green recovery.