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Zawya
3 days ago
- Business
- Zawya
Minister of Planning, Economic Development, and International Cooperation Discusses Future Economic, Trade, and Investment Relations with British Minister for International Development Between The Two Countries
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a discussion session with Baroness Jenny Chapman, UK Minister of State for International Development, during the G20 Development Ministers' Meeting in South Africa. The meetings witnessed extensive discussions on the future of economic, trade, and investment relations between the two countries in light of their close partnership, as well as joint coordination in international forums to advance efforts to restructure the global financial system and review proposed efforts to restructure the working mechanisms of the United Nations, as well as discussing the outcomes of the 4th International Conference on Financing for Development in Seville. During the meeting, both sides expressed their anticipation of the upcoming visit to Cairo announced by the UK Prime Minister's Office, which will represent a qualitative shift in bilateral Egyptian-British relations, elevating them to a strategic partnership level, in addition to its role in opening up avenues for cooperation across various levels between the two sides. It is also an extension of the strategic partnership between Egypt and the European Union, which was announced in 2024. During the meeting, the two ministers agreed on the need to activate the recommendations issued by various international forums to restructure the global financial system, ensuring a more efficient and fair financial architecture, especially for developing countries, achieving greater transparency in financing mechanisms, and expanding concessional financing. They also discussed proposals for restructuring the working mechanisms of the United Nations system to make it more influential in the global economy, emphasizing the need to adopt comprehensive coordination and follow-up mechanisms to ensure sustainability and enhance national participation in UN efforts. The meeting witnessed extensive discussions on various aspects of the partnership between the Arab Republic of Egypt and the United Kingdom, particularly in terms of trade exchange, British investments in Egypt, economic relations, and development cooperation. H.E. Dr. Al-Mashat reaffirmed Egypt's keenness to develop these relations and build on the pioneering results achieved over the past years, particularly in food security, support for start-ups, and small and medium enterprises. The two sides reviewed frameworks for bilateral cooperation in the field of development finance, the UK's contribution to financing development policies through the World Bank, as well as the role of UK Export Finance (UKEF) which supports project financing in Egypt, and the financing mechanisms provided by British International Investment (BII), which considers Egypt one of its priority markets. In this context, the Minister of Planning, Economic Development and International Cooperation reviewed preparations for launching the 'National Narrative for Economic Development,' which is an executive program to promote structural transformation in the Egyptian economy toward tradable sectors, encourage foreign direct investment, industrial development, and support labor market and employment. H.E. noted that since March 2024, the government has implemented economic and structural reforms that have contributed to macroeconomic stability and created a favorable investment climate and business environment. The two sides also discussed close cooperation within the framework of the Egyptian National Platform for Green Projects, the 'NWFE' program, which focuses on linking water, food, and energy nexus, particularly through BII and its financing to support energy and green hydrogen projects. In addition to the UK's role in providing support and assistance to global climate funds, represented by the Climate Investment Funds (CIF) and the Green Climate Fund (GCF). Additionally, the meeting highlighted the launch of the 'Green Growth: Egypt–UK' campaign in June 2025, which will continue until COP30 Climate Conference to accelerate green economy partnerships. Given that the UK is one of the largest investors in Egypt in sectors in the energy, telecommunications, pharmaceuticals, and consumer goods, and in light of the Memorandum of Understanding signed in 2024 between the Egyptian General Authority for Investment and Free Zones (GAFI) and UKEF to strengthen investment relations, the two ministers explored the significant role of the Egyptian-British Business Association (BEBA) and the Egyptian-British Chamber of Commerce (EBCC) in connecting companies, facilitating investment, and enhancing trade exchange between the two countries. For her part, the British Minister emphasized the diverse historical relations between the two countries, which share close ties and cooperation across various fields. H.E. also praised Egypt's significant efforts in addressing the humanitarian crisis facing Palestinians in Gaza and the role of the Egyptian leadership in delivering humanitarian aid to the Strip, affirming her country's full support for these efforts. She expressed her hope for reaching an immediate and sustainable ceasefire that would allow safe and regular delivery of aid. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
New York Times
4 days ago
- Business
- New York Times
Investors See Few Alternatives to U.S. Treasuries. Could Europe Make One?
For decades, U.S. Treasuries have been at the pinnacle of the global financial system, with investors, governments and central banks steadily acquiring the dollar-denominated debt with the expectation that the U.S. government will never default. Now the chaotic rollout of President Trump's economic policies and threat to the Federal Reserve's independence have provoked questions about the stability of American assets. But investors who want to shift out of Treasuries and dollars face a wasteland of viable alternatives. Even with the recent uptick in uncertainty caused by Mr. Trump's policies, few countries have anywhere near the economic, political and legal stability of the United States. The European Union, which as a bloc comes close to America in size and wealth, has a fragmented financial market, with each of its 27 countries selling bonds separately. Enter 'Eurobonds,' a new type of European financial asset proposed by Olivier Blanchard, a former chief economist at the International Monetary Fund who is now a professor at the Massachusetts Institute of Technology, and Ángel Ubide, the head of economic research for global fixed income and macro at Citadel. The prospect of debt issued by the European Union has been floated in some form for more than a decade, but faced heavy resistance, particularly from countries with strict limits of debt, like Germany. Some of the hurdles were overcome in 2020 when the bloc announced a plan to issue up to 750 billion euros in joint debt to help fund the recovery from the Covid pandemic. But that was a short-term plan. Mr. Blanchard and Mr. Ubide's proposal is to regularly issue debt, building a liquid pool of assets, and strengthen Europe's financial infrastructure. And it's gaining traction: The chief economist of the European Central Bank recently discussed its merits. Want all of The Times? Subscribe.
Zawya
06-07-2025
- Business
- Zawya
UAE participates in BRICS Finance Ministers and Central Bank Governors Meeting under Brazil's presidency
H.E. Mohamed bin Hadi Al Hussaini: 'We are committed to strengthening dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address development challenges.' Rio de Janeiro, Brazil: The United Arab Emirates, represented by the Ministry of Finance and the Central Bank of the UAE, participated in BRICS Finance Ministers and Central Bank Governors Meeting held in Rio de Janeiro, Brazil, under the 2025 presidency of Brazil. The UAE delegation was led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included H.E. Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance; and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs. Sessions and Key Discussions The meeting agenda featured three main sessions: one focused on finance ministries, another on central banks, and a joint session that explored the global economic outlook and the role of BRICS in enhancing international economic governance. Additional topics included climate finance and coordination of economic policies. H.E. Mohamed bin Hadi Al Hussaini stressed during his intervention that the UAE's participation in BRICS stems from its commitment to strengthening international dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address urgent development challenges. Constructive Partnerships H.E. Al Hussaini added: 'We believe that constructive partnerships among emerging and developing economies, through platforms such as BRICS, offer an important opportunity to enhance global economic governance, expand access to innovative financing, and support long-term financial stability. We also stress the importance of reinforcing financial and monetary coordination among member states to ensure more inclusive and sustainable growth.' He emphasised that the UAE's contribution to drafting the joint communiqué reflects its active commitment to collaborative efforts within BRICS, aimed at promoting shared interests and aligning with member countries' aspirations for a more balanced and cooperative global economy. The UAE officially joined BRICS in January 2024, following the ratification of its membership request by the group's five founding countries: the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China, and the Republic of South Africa. As a BRICS member, the UAE aims to deepen economic cooperation and partnerships with fellow member states, reinforcing its role as a global economic hub and multilateral partner. The UAE also joined the BRICS New Development Bank in October 2021. Established in 2015, the Bank mobilises resources for infrastructure and sustainable development projects in BRICS nations, as well as in other emerging and developing economies.
New York Times
18-06-2025
- Business
- New York Times
Aiming at the Dollar, China Makes a Pitch for Its Currency
The governor of China's central bank outlined a plan on Wednesday for a global financial system that relies on several major currencies, not just the dollar, as Beijing steps up its campaign to weaken the U.S. dollar's primacy. Pan Gongsheng, the governor of the People's Bank of China, did not mention the dollar by name but gave an extended critique of the potential dangers of international reliance on a single country's currency. In a coded reference to the United States, Mr. Pan cited the dangers posed by fiscal and regulatory problems in the country issuing the world's main currency. These problems may 'overflow to the world in the form of financial risks, and even evolve into an international financial crisis,' he said. The Trump administration has spoken about weakening the dollar against other currencies to make U.S. exports more attractive to buyers abroad. The dollar has weakened considerably this year, including an 11 percent decline against the euro. A weaker dollar could help narrow the American trade deficit. But it also has the potential to increase the cost of U.S. government borrowing amid ever-rising federal budget deficits. Want all of The Times? Subscribe.
