Monday 03 Mar
Ambassador Nizar Abu Ismail, Chairman of the Egyptian-Moroccan Business Council, underscored the enduring relationship between Egypt and Morocco, emphasizing their historical, cultural, political, and economic bonds. He characterized the recent export issue as a pivotal moment, following the meeting between Minister of Trade and Investment, Hassan Al-Khatib, and Moroccan Minister of Industry and Trade, Ryad Mezzour.
He highlighted that the Egyptian Minister proactively addressed the detained goods issue at Moroccan ports. Both sides agreed to establish a direct communication channel to boost trade and to hold a Business-to-Business (B2B) forum in Cairo this April, aimed at strengthening private sector partnerships.
Al-Khatib's visit to Morocco highlights the strong bilateral
relations, reinforcing robust cooperation across economic, social, cultural,
and other domains. This alignment of views in international forums underscores
the exceptional relationship, rooted in mutual understanding and respect
between the Egyptian and Moroccan leadership and peoples.
Abu Ismail also announced an upcoming visit by a Moroccan
exporter delegation to Egypt to facilitate trade expansion. He emphasized that
both governments are committed to strengthening joint economic cooperation and
promoting mutual investment, building on their longstanding historical ties.
In a related move, the Egyptian-Moroccan Business Council
has launched a Financial Technology and Innovation Committee, led by Jack
Marco, founder and CEO of Access Pay, an Egyptian fintech company licensed by
the Central Bank of Egypt. Access Pay provides digital payment solutions to
over 200,000 customers in Egypt and has seen rapid growth since late 2023.
Access Pay is actively promoting fintech collaboration
between Egyptian and Moroccan entities. Notably, in 2024, it received
investment from Al Mada Ventures, a leading Moroccan venture capital fund, and
is in advanced partnership talks with a major Moroccan bank in Egypt to advance
financial inclusion and digital payment innovation.
The Committee Chairman met with Nizar Abdel Loui Maan of the
Mohammed VI Fund in Morocco to discuss fintech cooperation, supporting Egyptian
company expansion into Morocco, and related innovation.
The Committee is now formulating its strategy to enhance knowledge sharing and investment between the two countries. It plans to establish a working group of entrepreneurs, bank executives, and investors to bridge the fintech and banking ecosystems.
