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  • Friday, 15 September 2023

During H.E.’s Participation in the Belt and Road Summit, Dr. Rania Al-Mashat, Minister of International Cooperation, Discusses Enhancing Joint Cooperation with the Minister of Finance in Hong Kong

The Minister of International Cooperation discusses cooperation with the Hong Kong Financial Market, one of the largest financial markets in the world, to enhance innovative financing mechanisms.

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met withHong Kong's Minister of Finance H.E. Paul Chan, as part of her visit to Hong Kong, one of the largest financial and business centers in the world, to participate in the Belt and Road Initiative Summit, which was held to coincide with the 10th anniversary of the BRI’s launch, and in preparation for holding the Beijing summit next month.

The meeting witnessed discussing aspects of enhancing joint cooperation, discussing stimulating green financing tools and blended financing.

During the meeting, Al-Mashat discussed ways to stimulate joint economic cooperation in light of the country’s development priorities and the government’s commitment to expand the scope of cooperation in various fields, especially under the umbrella of the BRI, and the successive developments in Egyptian-Chinese relations since the signing of the Comprehensive Strategic Partnership Agreement in 2014 between the leaders of the two countries.

The meeting also touched on the steps taken by the government recently to strengthen development cooperation relations with the BRICS countries, as it recently obtained membership, in addition to Egypt’s membership in the New Development Bank affiliated with the BRICS countries, as these steps strengthen the relations of the Arab Republic of Egypt with China and the BRICS countries, as well as enhancing development cooperation efforts to promote national priorities. 

In the same context, the Minister of International Cooperation pointed out that Egypt is hosting the annual meetings of the Asian Infrastructure Investment Bank (AIIB) this September, strengthening the close partnership with multilateral development banks and pushing towards more comprehensive partnerships.

The discussed mechanisms for enhancing joint cooperation with the Hong Kong Financial Market, as it is one of the largest financial markets in the world, and explored opportunities to advance areas of cooperation in financing development projects within the framework of the BRI, through innovative financing and various financial instruments.

Moreover, the Minister reviewed the efforts undertaken by the Ministry in cooperation with multilateral and bilateral development partners to enhance blended financing tools and innovative mechanisms that stimulate the private sector, as well as to encourage green financing that stimulates the transition to the green economy, pointing out that there are many areas of cooperation being strengthened with Hong Kong in this regard, based on the common vision and convergence of goals within the framework of the BRI and its consistency with Egypt’s Vision 2030.

H.E. also referred to her visit to the Chinese capital, Beijing, last July to participate in the Forum on Global Action for Shared Development, and to sign a joint memorandum of understanding on the Global Development Initiative (GDI), stressing that the MoU enhances the path towards exploring more opportunities and prospects for cooperation between the Egypt and China.