Egypt and India explore local currency settlements to strengthen economic ties

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Egypt’s Finance Minister, Mohamed Maait, and India’s Ambassador to Cairo, Ajit Gupte, discussed ways to bolster economic cooperation between the two nations, particularly in light of global economic challenges arising from the conflict in Ukraine and its subsequent impact on food, fuel, and financing costs.

The meeting focused on exploring the feasibility of utilizing local currencies for trade settlements between Egypt and India. Additionally, the parties deliberated on strategies to enhance the participation of Indian companies in Egypt’s economy, leveraging the incentives and benefits outlined in the state ownership policy document and streamlining administrative procedures.

Minister Maait emphasized Egypt’s commitment to diversifying funding sources and venturing into new financial markets through innovative and sustainable instruments. He highlighted the potential for Egypt to tap into India’s financial markets, building upon the success of Egypt’s issuance of Panda bonds worth 3.5bn yuan in the Chinese market and Samurai bonds worth 75bn Japanese yen.

The exchange of experiences in financial inclusion technology and India’s support for Egypt’s comprehensive health insurance project were also among the key topics discussed during the meeting. These initiatives aim to expand access to quality healthcare for all Egyptians.

This bilateral engagement underscores Egypt’s and India’s shared commitment to strengthening economic collaboration and addressing global economic challenges through innovative and mutually beneficial partnerships.

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