In 2018, Egypt and Russia signed a comprehensive strategic partnership and cooperation agreement. This meeting of the two parties is part of the strengthening of commercial, economic, scientific and technical cooperation.
Egyptian and Russian authorities met to discuss their mutual commitment to further strengthen bilateral relations in various fields. The announcement was made by the Egyptian government on March 19.
This meeting is part of the 14th session of the joint Egyptian-Russian committee for trade, economic, scientific and technical cooperation. During this meeting, it was a question of taking stock of the evolution of Russian investments and joint ventures in Egypt, in particular the construction of the El Dabaa nuclear power plant, as well as the establishment of the Russian industrial zone in the area. Industrial Suez Canal.
With the North African country dependent on wheat from Russia and Ukraine, one of the topics of discussion was cooperation in grain and food supply, given the current global crisis. .
This meeting comes in a context where the Egyptian economy is facing soaring inflation as well as pressures on public finances and external accounts, in particular the crisis of foreign exchange reserves and public debt.
The authorities’ efforts to restore macroeconomic stability are supported by the 46-month program of the International Monetary Fund (IMF) concluded in December 2022, as well as other multilateral and bilateral financing and investments.
For several years, Russia has been planning to accelerate its investments on the African continent in a context of growing competition with other powers such as the United States, France or the United Kingdom.
As a reminder, in 2021, trade between Moscow and Cairo reached nearly $3 billion, according to the International Trade Center.
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