Egypt’s Finance Minister Mohamed Ma’eit held one-on-one talks with the deputy director of Japan Bank for International Cooperation (JBIC) that focused on repercussions of the war in Europe on the global economy, particularly the emerging markets.
The meeting Sunday was held on the fringe of the annual sessions of the Islamic Development Bank (IsDB) that wrapped up work in the Egyptian resort city of Sharm el Sheikh Saturday night.
The two sides discussed the problem of supply chains and increased shipping costs, as well as food and energy price hikes, which all led to an unprecedented inflation wave.
The global economic challenges have proven correct the Egyptian vision, which entails diversity in financial resources and tools, Ma’eit told the JBIC official.
Egypt has successfully issued its first Samurai bonds on the Japanese market, the minister said, believing this reflects an ability to return to the international bond markets and attract new Japanese investors.
Ma’eit said his Ministry is keen on encouraging Japanese companies to do business in Egypt, which is considered one of the best investment destinations in the Middle East and North Africa region.
He greatly appreciated Japan’s interest in financing development projects in Egypt with the aim to achieve the desired economic goals.
