Algeria and Egypt launched an economic forum in Algiers to boost economic partnership…reports Asian Lite News
Algeria and Egypt launched an economic forum in Algiers to boost economic partnership, with the attendance of Algerian Prime Minister Ayman Benabderrahmane and his Egyptian counterpart Mostafa Madbouly.
In his opening address to the Algerian-Egyptian Economic Forum, Benabderrahmane hailed Egypt as “one of Algeria’s most important Arab partners” in terms of investments and trade volumes.
The Algerian government “is working to modernize the banking and financial system and draw up a new investment law to respond to the concerns of domestic and foreign economic operators,” he noted.
Madbouly, who was concluding his two-day visit to Algeria, said in a speech at the forum that Egypt, which has seen an improved business environment domestically through reforms, welcomes Algerian investors.
Egypt has taken measures to encourage private investments, including amending tax and investment laws, said the Egyptian premier. The forum was also attended by business representatives of both countries.
Later on Thursday, Algerian President Abdelmadjid Tebboune met with the Egyptian delegations led by Madbouly in his office, discussing ways to boost economic ties and cooperation in various fields, state-run Algeria Press Service reported.
Madbouly, on behalf of the Egyptian president, invited Tebboune to attend the 27th session of the United Nations Climate Change Conference (COP27) held in Egypt later this year.
On Wednesday, the two countries inked 13 cooperation agreements under the framework of the 8th Higher Algerian-Egyptian Committee in Algiers, which cover the fields of industry, trade, investments, finance, water resources management, higher education, and scientific research.
World Bank Aid
The World Bank approved a 500-million-U.S. dollar loan to boost Egypt’s food security under the impacts of COVID-19 and the Russia-Ukraine conflict, the Egyptian Ministry of International Cooperation said.
The loan will be spent under a new Emergency Food Security and Resilience Support Project by mobilizing emergency price relief while bolstering long-term food security strategy, the World Bank said in a statement.
“The project supports the government’s strong commitment to ensuring that the needs of citizens continue to be met even amid a very challenging global context,” said Rania Al-Mashat, minister of international cooperation.
The loan “bolsters Egypt’s efforts to ensure that poor and vulnerable households have uninterrupted access to bread, to strengthen Egypt’s resilience to food crises and to support reforms in food security policies, including to improve nutritional outcomes,” the bank said.
A significant number of households in Egypt cut food consumption during the COVID-19 pandemic, which could have a lasting impact on nutrition and the cognitive development of young children. An improved nutrition strategy, including balanced diets, is a key element of this project, the bank noted.
“As always, we are keen to continuously support Egypt in overcoming obstacles to its ambitious sustainable development plans and to further enable the country to pave the way for a prosperous and productive future for all its citizens,” said Marina Wes, World Bank country director for Egypt, Yemen and Djibouti.