Egypt, Greece ink MoU on periodic financial dialogue

Egypt and Greece have signed a Memorandum of Understanding (MoU) to launch a periodic dialogue between their ministries of Finance in order to exchange views on financial policy issues and topics, mechanisms of developing technical cooperation, the Egyptian Finance Ministry said in a statement.

Mohammed Moait, Egypt’s Finance Minister signed the deal with his hosting Greek counterpart. The agreement is in line with the depth of bilateral relations in various spheres, and the mutual aspiration of both countries to strengthen them.

Greece is a portal for exporting green energy from Egypt to Europe, the statement said.

Moait indicated that Egypt is keen to strengthen cooperation with the European country in various spheres, in light of promising projects for electricity connection between the two countries, as the North African country intends to expand clean energy production into that of green hydrogen.

“We are looking forward to launching the Sustainable Debt Alliance in Egypt, next September, supporting green growth, contributing to addressing environmental challenges, and encouraging a flow of additional green investments,” Moait added.

“We look forward to strengthening the role of the Coalition of Finance Ministers for Climate Action in building a more resilient global economic system capable of green recovery, to avoid health, economic and environmental shocks, especially in the wake of subsequent global crises, which have exacerbated the financial pressures on emerging economies.”

Greece also welcomed the initiative to create a “Sustainable Debt Alliance” launched on the “Funding Day” at the Sharm El Sheikh climate conference, and its aspiration to strengthen the role of the “Coalition of Finance Ministers for Climate Action” in accelerating the green recovery.

Egypt hosted last year the COP27, the UN gathering on climate change.