Governor of the Central Bank of Egypt Hosts Governor of the People’s Bank of China and Witness Signing of Three Memoranda of Understanding for Joint Cooperation
Within the framework of the strategic and historic relations between the Arab Republic of Egypt and People’s Republic of China, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), received H.E. Mr. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), and his accompanying delegation, during an official visit to Egypt, at the premises of the CBE. The two parties explored ways to enhance cooperation between their respective central banks, and develop mechanisms for exchanging technical expertise across areas of mutual interest to strengthen and advance economic relations between both countries
On this occasion, Mr. Abdalla warmly welcomed Governor Gongsheng and his delegation to Egypt, expressing his delight at this visit, which reinforces the deep-rooted ties between the two countries. He emphasized that the visit presented a vital opportunity to exchange expertise and expand financial and banking cooperation, supporting economic stability and contributing to sustainable development for both countries.
During the meeting, the two governors tackled important topics related to the local currency swap agreement, payments settlements in local currency, issuance of Panda Bonds and the creation of connectivity between the payments systems of the two countries. Moreover, the meeting tackled the importance of enhancing the presence of banks in the two countries along with promoting and encouraging bilateral investment flows
After the meeting, the Governor of the CBE and his Chinese counterpart witnessed the signing of three MoUs to strengthen joint cooperation across various sectors. Notably, an MoU was signed between Suez Canal Bank, China-Africa “TEDA” Investment Company, and CIPS Company Limited – the operational institution for the Cross-border Interbank Payment System “CIPS” in China, with the aim of promoting the use of the Chinese Yuan within the China-Egypt Suez Economic and Trade Cooperation Zone
Moreover, China’s UnionPay International Company signed an MoU with the Egyptian Banks Company for Technological Advancement (EBC) in the field of electronic payment systems and services. The MoU focused on strengthening the e-payment infrastructure and expanding the acceptance of UnionPay cards across the Egyptian market, enabling cardholders to make purchases at all electronic Points-of-Sale (POS) terminals or e-commerce websites within the country
Additionally, China’s UnionPay Company signed a cooperation protocol with Paymob to promote electronic acceptance services for businesses and websites partnered with Paymob for UnionPay’s cardholders
These protocols reflected the Egyptian-Chinese commitment to boosting their bilateral strategic partnership and supporting economic integration efforts by advancing financial services infrastructure and expanding collaboration in the field of electronic payments, thereby contributing to the achievement of sustainable development goals and promoting trade and investment exchange between the two countries
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