Egypt will take part in the G20 summit in Shanghai for the first time this Friday, an official statement issued by the Ministry of Finance read.

Finance Minister Hany Kadry Dimian and Governor of the Central Bank of Egypt (CBE) Tarek Amer will both attend the two-day meetings.

Dimian said that Egypt’s participation comes at a “crucial time for the developments happening in the global economy”.

Global slowdown in growth, sharp fluctuations in international financial markets, and monetary policies continue to affect the Egyptian economy, the minister said.

“Egypt will actively participate in the discussions and endeavours conducted by the finance minister and central bank governors of the G20,” he added.

The G20 summit is an annual summit comprised of  19 individual countries as well as the European Union. Member countries include Saudi Arabia, India, China, Indonesia, Canada, Mexico, Brazil, Turkey, France, Germany and Italy.