Turkish companies have committed to $500 million in new investments in Egypt after a visiting business delegation met the prime minister for the first time in a decade, the Egyptian cabinet said, the latest sign of a thaw in relations.
Diplomatic relations between Egypt and Turkey were severed after Egyptian President Abdel Fattah al-Sisi, then army chief, led the 2013 overthrow of the Muslim Brotherhood’s Mohamed Mursi, a close ally of Turkish leader Tayyip Erdogan.
Relations began thawing in 2021, part of a push by Turkey to ease tensions with several regional powers. Though Egyptian officials have been more cautious on reconciliation, Erdogan and Sisi met and shook hands during the 2022 World Cup in Qatar.
“Regardless of any previous political disagreements, we have always been keen to maintain the relations between our peoples and our close economic and commercial cooperation,” Egyptian Prime Minister Moustafa Madbouly said in a cabinet statement released late on Wednesday.
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