Egypt, Iran agree to implement joint projects

The Iranian and Egyptian economy ministers have agreed to set up a joint committee for the implementation of joint projects by the two nations.

This was revealed by Iranian Economy Minister Ehsan Khandouzi, following a meeting with his Egyptian counterpart Mohamed Maait on the sidelines of the meeting of the Asian Infrastructure Investment Bank (AIIB) in the Egyptian capital, Cairo.

It was the first meeting of its kind in nearly a decade.

Khandouzi said Iran is determined to expand relations with the neighboring and regional countries.

Pointing to the vast capacities of Iran and Egypt, the Iranian economy minister said Tehran was ready to bolster relations of cooperation in the AIIB, the Islamic Development Bank, a joint bank and shipping company between the two states, as well as in the exchange of pharmaceutical technology and medical equipment.

The Egyptian economy minister, for his part, said Cairo puts a premium on the proposals made by his Iranian counterpart.

Maait said Egypt also attaches importance to enhanced relations with Iran and expressed hope the two countries would witness the improvement of ties in the near future.

In a relevant development in a post on his X account on Monday, Khandouzi said he held “constructive talks” with his Egyptian counterpart. “The capital of Iran-Egypt bank will be increased soon.”

He expressed hope his meeting with Maait would help revive cooperation and promote the economic-diplomacy policy of the Iranian administration.

The Iranian economy minister arrived in the Egyptian capital on Sunday at the head of a high-ranking trade and economic delegation to take part in the annual meeting of the economy ministers of the AIIB.

The Asian Infrastructure Investment Bank is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core.

It began operations in Beijing, China, in January 2016 and has since grown to 106 approved members worldwide. It is capitalized at $100 billion and Triple-A-rated by the major international credit rating agencies. Iran joined the AIIB in January 2017.

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