At the outset of his visit to Egypt, the Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat held a meeting with Abdullah Ahmed Al-Sabeeh, Director General of the Arab Corporation for Investment and Export Credit Guarantee Corporation, and his accompanying delegation to open additional avenues of investment and trade, and explore how Egypt’s sovereign bonds can act as a new window for attracting investments.
The visit witnessed a series of important high-level meetings with a number of ministries, including the Ministry of Transport, the Ministry of Electricity and Renewable Energy, the Ministry of Supply and Internal Trade, the Ministry of Petroleum and Mineral Resources, the Ministry of Trade and Industry, the Ministry of Finance as well as the General Authority for Investment and Free Zones.
During the meeting, the Minister of International Cooperation, H.E. Dr. Rania Al-Mashat, noted that Egypt envisions boosting the role of the private sector in the economy, and that this comprehensive economic partnership will mark a new era for Egypt’s trade and investment sectors.
The meeting also explored future cooperation in regards to holding workshops with relevant government agencies to spur technical and knowledge exchange for the private sector in Egypt. For his part, Abdullah Ahmed Al-Sabeeh, Director-General of the Arab Corporation for Investment and Export Credit Guarantee, expressed that the corporation is keen on opening new horizons in its strategic partnership with Egypt to encourage the flow of Arab and foreign investments, support Arab export markets, and promote comprehensive economic growth. The Arab Corporation for Investment and Export Credit Guarantee provides export credit insurance (ECI) to protect an exporter of products and services against non-commercial risks, as well as preparing research studies related to identifying investment opportunities and conditions in Arab countries. The potential benefits to Egypt through the insurance services provided by the institution are manifested in providing guarantees to foreign investors wishing to invest in strategic projects, which will result in the growth of Egyptian exports. The Arab Investment and Export Credit Guarantee Corporation (Dhaman) is a multinational organization that provides guarantee services against commercial and non-commercial risks in Arab countries. Dhaman is owned by the governments of Arab states and four Arab financial institutions. Egypt is one of the member countries of the institution, where Egypt's share constitutes 2.06% of the institution's capital, and Egypt is the seventh largest country in the institution’s operations since its inception until the end of 2020, with a share of 5.4% on both sides of the export and import of investments and commodities.