During the eighth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh, Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt (CBE), held a meeting at the CBE headquarters with Helene Budliger Artieda, Swiss State Secretary for Economic Affairs, and Yvonne Baumann, Swiss Ambassador to Cairo.
CBE’s top management officials also attended the meeting, which focused on developing bilateral economic relations in line with the Swiss Confederation’s cooperation program in Egypt (2021-2024).
The two sides discussed exchanging experiences, supporting bilateral financial ties, and expanding Swiss businesses in the Egyptian market.
Aboulnaga welcomed the Swiss delegation to Egypt and highlighted the economic developments and promising opportunities in the Egyptian market. He also explained the measures that CBE, in collaboration with the Egyptian government, is taking to confront the economic challenges posed by global geopolitical conflicts.
Artieda affirmed the depth of economic relations with Egypt and expressed Switzerland’s support for the Egyptian economic reform program, implemented according to the International Monetary Fund’s agreement. She proposed the formation of a joint economic committee between Switzerland and Egypt, which CBE welcomed, and suggested enhancing cooperation between the central banks of both countries.
Egypt and Switzerland share a long-standing relationship of over four decades. Switzerland has contributed to several developmental projects supporting the Egyptian economy. Egypt is Switzerland’s largest trading partner in Africa, with Swiss companies having a solid presence in the local market, with total investments estimated at around $1.2bn.
