Russian Ambassador to Egypt initiates evaluation of ruble-pounds exchange rate

Russian Ambassador to Cairo Georgy Borisenko said that the Central Bank of Russia began to determine the exchange rate of the Russian ruble against the Egyptian pound.

He added that relations between Russia and Egypt are of a strategic nature, and there is intensive cooperation between the two countries in all areas.

He noted that joint economic initiatives are being implemented between the two sides, and Moscow is the largest supplier of wheat to Egypt.

In an interview with Cairo 24, the Russian ambassador praised the key role played by Egypt in various regional and international issues of common interest, especially in ways to resolve the Palestinian-Israeli conflict.

He said that on August 26 this year we will celebrate the eightieth anniversary of the establishment of diplomatic relations between Russia and Egypt, and our two countries are traditionally bound by friendly relations and intensive cooperation at the government and people’s levels, bilateral cooperation. is a strategic partnership, which was confirmed in the relevant agreement that entered into force in January 2021, Russian-Egyptian cooperation is comprehensive and covers political, economic, military, cultural, scientific and other spheres.

He continued: “Contacts between us are highly dynamic. Thus, on March 9, 2023, the Presidents of Russia and Egypt held telephone conversations, exchanged congratulations on the eightieth anniversary of the establishment of Russian-Egyptian relations. In the fall of 2022, President Putin invited President Abdel Fattah Al-Sisi to take part in Russia-Africa Summit.” is an important international event, given his co-chairmanship with Vladimir Putin of the first summit in this format, which took place in 2019.

He added: Egyptian friends were one of the initiators of the formation of a contact group on Ukraine in the Arab League, where Foreign Minister Sameh Shukri visited Moscow as part of this group in April 2022 and had a bilateral meeting with his Russian counterpart Sergey Lavrov, and then in July last year, the two ministers held intensive talks in Cairo, and in September 2022 they met again in the Russian capital.

Regarding the latest developments on the Dabaa NPP project, he said that consultations at the level of deputy foreign ministers are held regularly, for example, on May 15, 2023, Deputy Foreign Minister of Russia Sergey Vershinin discussed multilateral issues in Cairo with his colleague Ihab Badawi. , and at the beginning of this month, an exchange of views took place in Moscow on the situation in Libya.

In August 2022, an Egyptian delegation headed by the Deputy Minister of Defense took part in the Army-2022 forum, where they discussed with Russian representatives the prospects for building up military-technical cooperation.

He continued: We are intensively cooperating in the humanitarian sphere, and now there are more than 15,000 Egyptian students studying in Russia, and some Russian universities want to open branches for them in the Arab Republic of Egypt, and the areas of training are very diverse. , from medicine to nuclear energy, religious ties are also being strengthened, including in connection with the establishment of the Patriarchal Exarchate in Africa by the Russian Orthodox Church.

He added: A positive contribution to the further development of bilateral economic cooperation was made by the holding of the fourteenth meeting of the Joint Commission on Trade, Economic and Scientific and Technical Cooperation on March 18-20 in Cairo, chaired by Russian Deputy Prime Minister Denis Manturov. and Egyptian Minister of Trade and Industry Ahmed Samir.

The volume of trade between Russia and Egypt in 2022 exceeded $6 billion, while the value of Russian exports is estimated at about $5 billion and imports at $1 billion. There are 470 Russian companies operating in Egypt, and their capital investments exceed 8 billion dollars Known in the field of oil and gas production in Egypt, and Russian Lada cars are assembled at a plant near Cairo, despite Western sanctions, Transmash Holding has fully fulfilled its obligations under the contract for the supply of 1,300 passenger cars for Egyptian railways, after how it reached more than 700 units. Of the cars produced in our country, the rest of the products will be supplied by our partners in Hungary. Transmash Holding will also create a plant in the suburbs of Cairo to service its products over the next 12 years.

He added: We continue to implement major joint economic initiatives, such as the construction of the first nuclear power plant in Egypt in the city of Dabaa and the creation of a Russian industrial zone in the Suez Canal region, and in July and November 2022, the construction of two began construction of reactor units for a nuclear power plant, and in In May 2023, the construction of the third reactor vessel began. The construction of the fourth vessel is expected to start before the end of this year, work is being carried out at an accelerated pace, and the Russian side has already supplied the equipment necessary for this large-scale project.

Regarding the latest developments in the tourism dossier between Russia and Egypt, the Russian Ambassador stated that, despite the difficulties associated with the illegal restrictions imposed by the West on the Russian aviation industry, we managed to continue the tourist exchange between Russia and Egypt. , and between Moscow and Cairo, there are currently three flights of national airlines. Egyptian and Russian daily, and regular flights were added to the “charter” flights from Russian cities to Egyptian resorts, and as a result, according to estimates, in 2022 the second largest number of tourists The Arab Republic of Egypt, with an indicator of almost a million tourists, and even since the beginning of 2023, the flow of Russian tourists has increased.

And he continued: I want to emphasize that Russia is the largest supplier of wheat and some other agricultural products to Egypt, and from July to December 2022, our country supplied Egyptian partners with 5.9 million tons of grain and is able to supply another 3 million tons by June 30.

He added: Work is currently underway on the possibility of paying for food transactions in national currencies, and the Central Bank of Russia has already begun to determine the exchange rate of the ruble against the Egyptian pound, and the next step should be the opening of correspondent accounts. in agricultural banks of the two countries for direct transactions, and another issue on the agenda is the linking of the banking system in the Arab Republic of Egypt to the Russian financial messaging system, which replaces the SWIFT system in Russia and the operation of Mir cards. in Egypt All these steps will not only have a positive impact on the trade balance, but will also contribute to the influx of Russian tourists to Egypt.

Source: Cairo 24

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