Egypt, Cyprus Ink Framework Agreement for oil and Gas Investments By Dec 19

The President of Cyprus N. Anastasiades stated that Cyprus is aiming to enhance  the bilateral commercial relationship and links with Egypt due to the importance of the Egyptian market and its potentials for alluring investments.

Several huge economic projects will be inaugurated within the coming period to improve the commercial flows between countries.

Anastasiades accompanied by his Foreign Minister and the Energy Minister, have been the guests of honour, on Wednesday 11 December, at a private dinner with Egyptian business men. Piraeus Bank Egypt hosted the event.

Anastasiades took this opportunity to brief his audience on the latest developments in Cyprus, paying particular attention to the framework agreement to be signed on Thursday, governing the future potential sharing of revenues from the exploitation of the oil and gas reserves between the two countries.

There was a lively and informed discussion on ways to enhance the bilateral commercial relationship and links between Egypt and Cyprus.

«We are particularly pleased to be among our Egyptian friends, who know Cyprus well and appreciate the efforts of the Cyprus Government in decisively responding to our recent crisis.

The result of these efforts have already showed positive results, with the recent upgrading of Cyprus’ credit rating. We very much look forward to further expanding the bilateral relationships between our two countries», said President Anastasiades.

The CEO of Piraeus Bank Egypt, Mr Constantinos Loizides, said in his welcoming remarks: «It is very important for Egyptian businessmen to have the opportunity to receive first hand information from the highest government source regarding Cyprus. Piraeus Bank is honored to be able to facilitate such meetings, helping to improve the commercial flows between countries in which we have physical presence».

Loizides asserted the bank keen on supporting the commercial relationships between the two countries as it is one of the most strategies for the bank in the Egyptian market.