Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt, Cameroon Discuss Economic Relations

Wed 16 Mar 2022 | 03:11 PM
Omnia Ahmed

Egypt's Minister of International Cooperation Rania Al-Mashat met Cameroon’s Minister of Economy to discuss economic relations and ways to enhance cooperation between the two countries.

Al-Mashat said: “We are working to enhance joint cooperation and development between Egypt and the African Continent, by pushing for regional integration and stimulating the knowledge and expertise exchange.”

On his part, Cameroon's Minister of Economy, Planning, and Regional Development Alamine Ousmane Mey said: “We are interested in launching an Egyptian-Cameroonian business forum to discuss prospects for economic and technological cooperation.”

The meeting comes as part of Mey's visit to Egypt to participate in the “The 3rd Meeting of Governance Council of Arab Africa Trade Bridges Program”.

It also comes within the framework of strengthening economic relations with African countries, in light of the country’s 2030 development vision, where both ministers addressed ways to enhance bilateral cooperation across different sectors.

During the meeting, 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.

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

The event witnessed the participation of decision-makers at the local, regional and international levels, including ministers and representatives from several countries: Senegal, Rwanda, South Africa, Kenya, Nigeria, Ghana, and Cameroon, as well as representatives from multilateral and bilateral development partners, and from the private sector.

In the same vein, Al-Mashat reviewed several agreements that were concluded in terms of promoting development in Africa, including 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.

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

This is especially after launching the National Climate Change Strategy 2050, which opens the door for more opportunities in cooperation, and in coordinating with development partners and International Financial Institutions (IFIs).

The minister asserted that Egypt is progressing in combating climate change, by shifting towards a green and sustainable economy, and by preserving environmental and natural resources.

Al-Mashat pointed to coordination with the Ministry of Environment, alongside relevant national entities, in strengthening cooperation with development partners regarding efforts to address climate change, and to prepare national reports on progress being made.

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.

She also highlighted the role of international cooperation in light of the challenges being faced by the world, especially with the Russian-Ukrainian crisis, and previously with the COVID-19 pandemic, noting the impact of these situations on development and emerging markets decreases the amount of available financing worldwide.