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Egyptian President Abdel Fattah el-Sisi received and was greeted by Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, at Cairo International Airport on Wednesday, April 12.
Both sides ‘explore opportunities to further strengthen deep-rooted relationship’, UAE leader tweetsThey also discussed shared interests in promoting stability and progress in the region, the tweet added.
Egyptian Presidential Spokesperson freed They also discussed regional developments and ways to strengthen the partnership between the two countries to meet growing challenges, a statement said.
However, there is no clear indication of whether new agreements or announcements will be made after the visit.
The two countries celebrated the 50th anniversary of bilateral relations last year and the official visit comes as Egypt grapples with a severe economic crisis.
Why does Egypt strengthen regional diplomacy?
More recently, much of Egypt’s aid has come from the United Arab Emirates and other Arab Gulf states.
Egypt’s annual inflation soar This year, it hit 31.9%, the highest level in five-and-a-half years.Egypt also significantly Depreciated Its currency has tripled since February 2022, increasing the cost of repaying government debt, including a $3.5 billion (107 billion Egyptian pound) repayment from previous IMF programs due at the end of the year.
Egypt’s partnership with its Gulf allies has helped ease its funding crisis in light of the Ukraine conflict and the COVID-19 pandemic.
Goldman Sachs estimate Egypt may need a $15 billion (EGP 286 billion) package from the International Monetary Fund to meet its funding needs over the next three years.
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