Wednesday 30 Oct
Prime Minister Dr. Moustafa Madbouly convened a meeting this evening with Jane Fraser, Executive Director of Citigroup International. The meeting was attended by Mohamed Abdel Qader, Managing Director of Citibank Misr, Tarek El Khouly, Deputy Governor of the Central Bank, and Omar Hafez, CEO of the North Africa, Levant, and Central Asia Group.
He expressed his gratitude for
Jane Fraser's visit to Egypt, acknowledging Citigroup's global legacy and
substantial investments. He underscored Egypt's eagerness to foster
collaboration with Citigroup, highlighting the country's significant economic
reforms, particularly the successful stabilization of the exchange rate market
and the achievement of balanced fiscal and monetary policies. These reforms
have contributed to the effectiveness of the current flexible exchange rate
policy.
Madbouly also addressed the
government's and Central Bank's concerted efforts to manage inflation amidst
ongoing regional tensions and crises. He noted that Egypt's macroeconomic
indicators demonstrate remarkable stability despite these challenges. He
elaborated on the government's initiatives to enhance the investment climate
and attract foreign direct investment. He emphasized that the government's
reform program includes specific economic indicators that the government is
committed to achieving.
Furthermore, he discussed the
potential impact of current regional and global tensions on the Egyptian
economy, particularly concerning Suez Canal revenues. He stressed the
government's preparedness to address any economic repercussions stemming from
these challenges.
Jane Fraser expressed her delight
at visiting Egypt, especially as Citigroup celebrates its 50th anniversary in
the country next year.
She commended Egypt's ongoing
economic reform program, noting the collaborative efforts with the
International Monetary Fund. Fraser expressed her encouragement for the
Egyptian government to persevere in these reform endeavors.
Fraser highlighted Egypt's
strategic location as a valuable asset for attracting investments and fostering
deeper cooperation with international partners.
She reaffirmed Citigroup's
commitment to partnering with the Egyptian government in the realm of financial
services and providing expert advice. Fraser emphasized that the government
could rely on Citigroup as a trusted collaborator, particularly in attracting
investments.
Tarek El-Kholy, Deputy Governor
of the Central Bank, acknowledged Citigroup's substantial presence in Egypt for
nearly five decades. He commended the bank's positive contributions to the
Egyptian economy over the years and expressed his aspiration for Citigroup to
continue this role by investing in promising sectors of the Egyptian market.
The Deputy Governor highlighted
the significant national projects underway in Egypt, which present unique
opportunities for Citigroup to participate. He emphasized these projects as key
areas for collaboration between the two parties.
El-Kholy also addressed the banking sector's efforts to maintain exchange rate stability, fulfill all external obligations to foreign partners, and meet Egypt's foreign exchange requirements.
