Egypt explores with India the possibility of Payment settlement between the 2 countries

Dr. Mohamed Maait, the Minister of Finance, held a bilateral meeting with the Indian Ambassador in Cairo, Ajit Gupte, as part of both countries’ commitment to enhancing bilateral cooperation in various developmental areas.

The discussion focused on strengthening collaboration between Global South countries in response to global economic challenges resulting from the war in Europe, leading to increased food and fuel prices and financing costs.

Both sides explored ways to encourage the use of national currencies for settlements between the 2 countries. They also discussed enhancing benefits for Indian companies through incentives provided by Egypt to the private sector, expanding their participation in economic activities through State Property Policy and Government Offerings Program, and streamlining procedures through the Golden License, which grants a single approval for establishment, operation, and management of a project.

Minister Maait emphasized Egypt’s commitment to diversifying sources of financing and accessing new financial markets through innovative and sustainable instruments. He highlighted discussions on the possibility of entering the Indian financial markets following the success of issuing sustainable Panda bonds in the Chinese market valued at 3.5 billion yuan and Samurai bonds valued at 75 billion Japanese yen.

Furthermore, the minister mentioned exploring the exchange of expertise in financial inclusion technology and India’s support for the comprehensive health insurance project, contributing to providing comprehensive and integrated healthcare for every Egyptian family member.