CBE Deputy Governor Meets Swiss Delegation to Foster Economic Relations

The Central Bank of Egypt (CBE) and Switzerland are focusing on strengthening their economic ties. The Deputy Governor of the CBE, Ramy Abul Naga, hosted a meeting with a Swiss delegation led by the State Minister of Economy and Planning, Helene Budliger, as part of the Swiss Cooperation Program with Egypt for 2021-2024. The discussions encompassed a broad overview of Egypt's economic landscape, emphasizing investment opportunities in Egypt. The CBE Deputy Governor also briefed the delegation on the efforts taken by the CBE and the Egyptian government to address global economic challenges. Helene Budliger affirmed Switzerland's support for Egypt’s economic reform program, which was established in collaboration with the International Monetary Fund. She highlighted her enthusiasm about the formation of a joint economic committee with Egypt to invigorate cooperation across various sectors. Switzerland is a significant investor in Egypt, holding the 15th position, with investments totaling almost $2.2 billion across 433 projects. Recently, the CBE further strengthened its role in enhancing economic ties by signing a bilateral currency exchange agreement with the Bank of the United Arab Emirates. The agreement allows the exchange of Egyptian pounds and Emirati dirhams, reinforcing the economic relationship between Egypt and the UAE.