Finance Minister Marko Primorac and his Egyptian counterpart Mohamed Maait on Tuesday signed a convention on avoiding double taxation of income and property and preventing tax evasion, the Ministry of Finance reported.

The convention was signed on the sidelines of the annual meeting of the Asian Infrastructure Investment Bank (AIIB), in Sharm El Sheikh.

After two rounds of negotiations between Croatian and Egyptian representatives in Zagreb and Cairo, the convention will enable numerous reliefs in the taxation of all types of income, improve the conditions for the mutual exchange of goods and services and increase the level of the overall economic activity of the two countries.

Relations between the Republic of Croatia and the Arab Republic of Egypt are traditionally friendly and based on long-standing understanding and partnership. During the excellent cooperation in the negotiation process, all provisions and texts of the convention were harmonised, and both countries completed their internal procedures before signing it.

Ministers Primorac and Maait expressed their satisfaction with the activities that resulted in the signing of this important document and agreed that numerous benefits for entrepreneurs and citizens will be achieved and new investments will be made possible.

Both sides expressed interest in strengthening bilateral relations and intensifying activities regarding the initiation of new projects between Croatia and Egypt.

A delegation of the Ministry of Finance, led by Minister Primorac, is participating in the 8th annual assembly of the Asian Infrastructure Investment Bank, taking place on 25 and 26 September.

Minister Primorac gave a talk on sustainable growth at the event.

On the sidelines of the meeting, Primorac held talks with the senior management of the AIIB and other officials.

The AIIB is an international development bank established to foster sustainable economic development, wealth creation and improved infrastructure connectivity in Asia. On 17 December 2021, Croatia became the 88th full member of that bank.