CBE deputy governor meet Swiss delegation to foster economic relations

Cairo - October 1, 2023: The Central Bank of Egypt (CBE) and Switzerland recently engaged in discussions to enhance their economic relations. The Deputy Governor of the CBE, Ramy Abul Naga, received a delegation led by the Swiss State Minister of Economy and Planning, Helene Budliger, as part of the Swiss Cooperation Program with Egypt for 2021-2024.

During the meeting, Abul Naga provided an overview of Egypt's economic landscape, emphasizing the investment opportunities present in the Egyptian market. He also briefed the Swiss delegation on the collaborative measures undertaken by the CBE and the government to tackle global economic challenges and mitigate their impact.

Budliger affirmed Switzerland's support for Egypt's economic reform program, which was implemented in agreement with the International Monetary Fund (IMF). Additionally, she expressed enthusiasm about the establishment of a joint economic committee with Egypt, aimed at strengthening collaboration and cooperation across various sectors.

Switzerland holds the 15th position among the most significant countries investing in Egypt, with investments totaling nearly $2.2 billion across 433 projects, according to a previous statement by Minister of Trade and Industry, Ahmed Samir.

In the scope of CBE's significant role in fostering economic relations, earlier this week, CBE signed a bilateral currency exchange agreement with the Bank of the United Arab Emirates (UAE). This agreement allows for the exchange of Egyptian pounds (EGP) and Emirati dirhams (AED), further strengthening the economic relationship between the two nations.