G20 kicks off in Shanghai with Egypt's first participation

Financial leaders from the G20 nations gathered in Shanghai Friday and Egypt takes part for the first time as a guest of honor.

The meetings agenda covers the current world economic situation, sustainable and balanced growth. 

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

Formed in 1999, the G20 consists of the United Kingdom, the United States, Russia, Saudi Arabia, Germany and the European Union (EU), among others.

The first G20 Leaders' Summit was held in 2008. Before the outbreak of the 2008 global financial crisis, G20 meetings of finance ministers and central bank governors were held to discuss international financial and monetary policies, reform of international financial institutions and world economic development.

The last G20 Summit took place in Turkey in November 2015.