https://sputniknews.in/20230625/modi-holds-talks-with-egypts-india-unit-as-crisis-hit-nation-seeks-foreign-investment-2669452.html
Modi Holds Talks With Egypt’s ‘India Unit’ as Crisis-Hit Nation Seeks Foreign Investment
Modi Holds Talks With Egypt’s ‘India Unit’ as Crisis-Hit Nation Seeks Foreign Investment
Sputnik India
Indian Prime Minister Narendra Modi held a meeting with the ‘India Unit’ of the Egyptian government soon after landing in Cairo on Saturday evening, the Indian foreign ministry said.
2023-06-25T12:44+0530
2023-06-25T12:44+0530
2023-06-25T12:44+0530
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Indian Prime Minister Narendra Modi held a meeting with the ‘India Unit’ of the Egyptian government soon after landing in Cairo on Saturday evening, the Indian foreign ministry said. Modi has arrived in the Egyptian capital after concluding a three-day state trip to the US.The ‘India Unit’ was set-up earlier this year to forge closer cooperation between the two countries across various sectors. It is headed by Egyptian Prime Minister Mustafa Madbouly.Prime Minister Modi also held a meeting with Hassan Allam, CEO of Hassan Allam Holding Company, which is one of the largest Egyptian companies operating in the Middle-East and North Africa (MENA) region.They discussed possibilities of expanding cooperation with Indian companies in renewables, green hydrogen, infrastructure and construction sectors, New Delhi said.The Indian leader also held a separate meeting with Egypt’s Grand Mufti Shawky Ibrahim Allam. Their talks focused on social and religious harmony in society and measures to counter extremism and radicalization, the Indian statement noted.Modi told the Grand Mufti that New Delhi would establish a Centre of Excellence in IT at the Dar-al-Ifta—an Islamic legal research organization under Egypt’s Ministry of Social Justice.During his visit, Modi will also have formal consultations with Egyptian President Abdul Fattah el-Sisi.Egypt’s Economic ProblemsThe key visit by the Indian Prime Minister to Cairo takes place against the backdrop of Cairo facing rising national debt, high inflation and the devaluation of its currency due to the COVID pandemic and the spillover effects of the Ukraine crisis.In December, the International Monetary Fund (IMF) approved a 46-month arrangement for Cairo worth $3 billion to help the country deal with its economic hardships. The IMF has also committed to help Cairo in “catalyzing” additional financing of nearly $14 billion from the country’s bilateral and regional partners.As part of its effort to regain macroeconomic stability, Egypt has announced plans to sell minority-stakes in over 30 state-owned businesses in sectors such as banking, finance, tourism, logistics and real estate.Cairo has backed India’s call for reforming the global financial architecture, including the re-allocation of IMF funding, to help the low and middle-income nations of the Global South in navigating economic volatility.
https://sputniknews.in/20230624/modis-visit-to-egypt-to-usher-new-era-in-ties-with-african-nation-indian-ambassador-2660169.html
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Modi Holds Talks With Egypt’s ‘India Unit’ as Crisis-Hit Nation Seeks Foreign Investment
Prime Minister Narendra Modi’s state visit to Egypt is the first by an Indian leader since 1997. There has been a steady rise in high-level exchanges between the two countries since their bilateral relationship was elevated to the level of “strategic partnership”.
Indian Prime Minister Narendra Modi held a meeting with the ‘India Unit’ of the Egyptian government soon after landing in Cairo on Saturday evening, the Indian foreign ministry said.
Modi has arrived in the Egyptian capital after concluding a
three-day state trip to the US.
The ‘India Unit’ was set-up earlier this year to forge closer cooperation between the two countries across various sectors. It is headed by Egyptian Prime Minister Mustafa Madbouly.
“Discussions took place on ways to strengthen cooperation in areas like trade and investment, renewable energy, green hydrogen, information and technology (IT), digital payment platforms, pharmaceuticals and people-to-people ties,” the Indian statement said.
Prime Minister Modi also held a meeting with Hassan Allam, CEO of Hassan Allam Holding Company, which is one of the largest Egyptian companies operating in the Middle-East and North Africa (MENA) region.
They discussed possibilities of expanding cooperation with Indian companies in renewables, green hydrogen, infrastructure and construction sectors, New Delhi said.
The Indian leader also held a separate meeting with Egypt’s Grand Mufti Shawky Ibrahim Allam. Their talks focused on social and religious harmony in society and measures to counter extremism and radicalization, the Indian statement noted.
Modi told the Grand Mufti that New Delhi would establish a Centre of Excellence in IT at the Dar-al-Ifta—an Islamic legal research organization under Egypt’s Ministry of Social Justice.
During his visit, Modi will also have
formal consultations with
Egyptian President Abdul Fattah el-Sisi.
Egypt’s Economic Problems
The key visit by the Indian Prime Minister to Cairo takes place against the backdrop of Cairo facing rising national debt, high inflation and the devaluation of its currency due to the COVID pandemic and the spillover effects of the Ukraine crisis.
In December, the International Monetary Fund (IMF) approved a 46-month arrangement for Cairo worth $3 billion to help the country deal with its economic hardships.
The IMF has also committed to help Cairo in “catalyzing” additional financing of nearly $14 billion from the country’s bilateral and regional partners.
As part of its effort to regain macroeconomic stability, Egypt has announced plans to sell minority-stakes in over 30 state-owned businesses in sectors such as banking, finance, tourism, logistics and real estate.
Cairo has backed India’s call for reforming the global financial architecture, including the re-allocation of IMF funding, to help the low and middle-income nations of the Global South in navigating economic volatility.
