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  • Friday, 22 April 2022

During the Spring Meetings of the International Monetary Fund & World Bank Group: Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Held Bilateral Meeting With Uruguay Minister of Economy and Finance Discussing Economic Cooperation

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat held a bilateral meeting with H.E. Dr. Azucena Arbeleche, Minister of Economy and Finance of Uruguay, and Chair of the World Bank Development Committee to discuss strengthening joint economic relations. The meeting was attended by Ragui El-Etreby, an Alternate Executive Director at the WBG, and several officials from Uruguay. 

During the meeting, Al-Mashat and Arbeleche discussed the Economic and Technical Cooperation Agreement signed between the two countries in  2015, concerning establishing a joint committee for cooperation, noting that its activation would support economic cooperation and development in Egypt and Uruguay. The meeting also touched on the importance of South-South Cooperation to enhance the process of exchanging knowledge and expertise  between developing and emerging countries.

The Minister of International Cooperation affirmed Egypt's keenness on enhancing means of cooperation with other countries, and to discuss areas of cooperation with Uruguay, especially in the fields of agriculture and livestock; cooperation in the pharmaceutical sector, taking into consideration Egyptian expertise in manufacturing and exporting medicines; and tourism.

Al-Mashat also noted the importance of expanding the scope of cooperation between the two countries in various economic fields, which would inevitably be reflected in the volume of trade exchange that reached $493 million in 2022. The Minister of International Cooperation also stressed the opportunities available for cooperation between the private sector of both countries.

Al-Mashat reviewed the joint economic relations of Egypt with its multilateral and bilateral development partners, which are reflected in the Ministry’s development cooperation portfolio amounting to $26.5 billion, comprising 372 projects in various fields of development to support the country’s 2030 Vision. The Minister noted that the Government of Egypt is working to enhance multilateral cooperation in a way that accelerates  development and to increase South-South and Triangular Cooperation for exchange of knowledge and expertise. 

The Minister also discussed the upcoming Egypt - International Cooperation Forum, which will be held this year in its second edition. Al-Mashat invited the Uruguayan side to participate, adding that development cooperation is strengthened through joint cooperation platforms through discussions with multilateral and bilateral development partners.

It is worth noting that Egypt and Uruguay’s relations date back to 1932, when a friendship treaty was signed between the two countries, and diplomatic representation began in 1958. The two countries have cultural, commercial, tourism, economic, technical and financial cooperation agreements.

Al-Mashat, who is also Governor of Egypt at the World Bank Group, is participating in the WBG and IMF Spring Meetings which are being held with physical participation for the first time after being virtually held in 2020 and 2021 due to the COVID-19 pandemic.

The WBG & IMF Spring Meetings are being held in April, at a time when development efforts in the world are facing unprecedented challenges due to the Russian-Ukrainian crisis, as well as the repercussions of the COVID-19 pandemic on supply chains and inflation rates.

In her capacity as the Governor of Egypt at the WBG, one of Egypt’s largest development partners, Al-Mashat will participate in the meetings where she is scheduled to speak at a number of important events to discuss challenges facing developing and emerging countries.