Egypt and Cyprus signed three memorandums of understanding to boost economic cooperation, and increase joint investments between the two countries, Invest-Gate reports.

The agreements were signed by Minister of Investment and International Cooperation Sahar Nasr and Cypriot Minister of Finance Harris Georgiades during the second round of the Egyptian-Cypriot cooperation committee which convened in Nicosia, Cyprus on March 3.

The signed MoUs aim to facilitate the flow of foreign direct investment, exchange information about investment opportunities in both countries, and protect cultural properties, Nasr said.

Nasr started an official visit to Nicosia on March 3 to promote investment opportunities in Egypt. During the visit, Nasr held talks with Cypriot President Nikos Anastasiadis and emphasized Egypt’s open policy to foreign investments and its strategy to attract additional investments to the country, according to MENA.

Nasr also met Cypriot House of Representatives President Demetris Syllouris and Cypriot Minister of Agriculture Nikos Kouyialis to discuss potential cooperation between the two countries in agricultural and parliamentary affairs.

“Cypriot lawmakers will be Egypt’s ambassadors at the European Parliament, as we appreciate ties between Egypt and Cyprus,” Nasr told the Cypriot officials.