Egypt, H. Kong to boost financial co-operation

Egypt and Hong Kong agreed to sign a double taxation prevention agreement this year, promote local currency bonds on the Hong Kong Stock Exchange, and exchange expertise and delegations in tax and customs areas, Dr. Mohamed Maait, the Egyptian Minister of Finance, announced on Sunday.
During a meeting with the Secretary for Financial Services and Treasury of Hong Kong, Christopher Hui, the Egyptian minister emphasised the desire to learn from Hong Kong’s investment strategies, foster relations, and attract more Chinese investments. He highlighted Egypt’s development experience, the potential for foreign investors, and the benefits of the Suez Canal Economic Zone’s strategic location in creating a business-friendly environment. 

Dr. Maait stated that Egypt’s government is adopting a diverse and innovative financing strategy that adopts multiple markets and financing tools to tackle inflation resulting from the ongoing global crises, achieve sustainable development and provide soft developmental financing to achieve the targets.

He further emphasised the need to explore new tools to enable international and multilateral development banks to mobilise financial resources for African countries.

This approach aims to close the financing gap and boost comprehensive and sustainable development efforts in emerging economies.