Egypt Daily News – In a significant step toward deepening strategic and economic ties between Egypt and China, the Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, received his Chinese counterpart, Pan Gongsheng, Governor of the People’s Bank of China, at the Central Bank headquarters in Cairo. The meeting, part of the Chinese delegation’s official visit to Egypt, culminated in the signing of three memoranda of understanding aimed at strengthening bilateral financial cooperation.
During the high-level talks, the two central bank governors discussed a range of critical topics, including enhancing cooperation between the two institutions, technical knowledge exchange, and joint efforts to support economic development in both countries.
Key areas of focus included a proposed bilateral currency swap agreement, using local currencies for trade settlements, Egypt’s upcoming issuance of “Panda bonds” in China’s capital markets, and linking both countries’ payment systems. The governors also explored ways to bolster the presence of Chinese banks in Egypt and vice versa, to facilitate and stimulate mutual investments.
Hassan Abdalla welcomed Pan Gongsheng and his delegation, emphasizing the importance of the visit in reinforcing the historical and strategic partnership between the two nations.
“This visit represents an important opportunity to exchange experiences and expand financial cooperation, which supports economic stability and contributes to sustainable development for both countries,” Abdalla said.
Signing of Three Cooperation Agreements
Following the meeting, the two governors witnessed the signing of three memoranda of understanding involving key financial and investment institutions:
- Facilitating Yuan Transactions in Egypt–China Economic Zones
A tripartite MoU was signed between Suez Canal Bank, China-Africa TEDA Investment Co., and China’s Cross-Border Interbank Payment System (CIPS), aimed at promoting the use of the Chinese yuan within the Egypt–China economic cooperation zone. - Expanding Electronic Payment Infrastructure
Chinese payment giant UnionPay signed a cooperation protocol with EBC – Egyptian Banks Company for Technological Advancement, to expand electronic payment services and improve infrastructure in Egypt. The agreement will facilitate wider acceptance of UnionPay cards at point-of-sale terminals and online platforms across the country. - UnionPay Partnership with Paymob
UnionPay also inked a separate agreement with Egyptian fintech firm Paymob to promote the adoption of digital payment services among merchants and online platforms using UnionPay’s infrastructure.
A Strategic Step Toward Economic Integration
These agreements underscore both nations’ commitment to advancing financial collaboration, improving digital payment infrastructure, and encouraging bilateral trade and investment. The initiatives are aligned with broader goals of achieving sustainable development and integrating Egypt more deeply into the global financial system, particularly in Asia.
As Egypt continues to position itself as a regional hub for trade and investment, these partnerships with China highlight the pivotal role of cross-border financial cooperation in driving long-term economic growth.
