CBE’s Deputy Governor Meets with the Swiss State Secretary for Economic Affairs

Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, met with Helene Budliger Artieda, the Swiss Secretary of State for Economic Affairs, Swiss Ambassador to Cairo Dr. Yvonne Baumann and her accompanying delegation, at the premises of the Central Bank of Egypt (CBE) on the sidelines of her first visit to Egypt to attend the eighth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), held in Sharm El Sheikh.

The meeting was held in the presence of a number of CBE’s top management officials, as the two sides discussed means for enhancing and developing bilateral economic relations, as per the cooperation program of the Swiss Confederation in Egypt (2021-2024), with special focus on exchanging experiences and supporting bilateral financial ties, as well as the expansion of Swiss businesses in the Egyptian market.

At the onset of the meeting, the CBE’s Deputy Governor welcomed the Swiss Secretary and her accompanying delegation to Egypt, emphasizing on the distinguished and strong relations between the two countries.

His also highlighted the economic developments in the Egyptian market and the promising opportunities across all fields, as well as the measures that the Central Bank of Egypt, in collaboration with the Egyptian government, is taking to confront the economic challenges that the whole world is experiencing on the back of global geopolitical conflicts.

From her side, the Swiss State Secretary for Economic Affairs affirmed the depth of economic relations with Egypt, and that Switzerland supports the Egyptian economic reform program, executed in accordance with the International Monetary Fund’s agreement.

During the meeting, the Swiss State Secretary also proposed the formation of a joint economic committee between Switzerland and Egypt. The suggestion was welcomed by the CBE, alongside all the recommendations that shall strengthen and enhance cooperation in all fields, including collaboration between the central banks of both countries.

It is worth mentioning that Egyptian-Swiss relations extend for more than four decades, during which Switzerland contributed to a number of developmental projects that support the Egyptian economy.

Additionally, Egypt is Switzerland’s largest trading partner in Africa, and Swiss companies enjoy solid presence in the local market with total investments estimated at around USD 1.2 billion.