Governor of the Central Bank of Egypt Signs Memorandum of Understanding with Chinese Counterpart to Promote Mutual Cooperation
In a significant step to strengthen banking and financial ties between Egypt and China, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), signed a Memorandum of Understanding (MoU) with H.E. Mr. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), at the Egyptian Cabinet to boost joint collaboration across various areas of mutual interest. The signing ceremony was witnessed by H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, and H.E. Mr. Li Qiang, Premier of the State Council of the People’s Republic of China, alongside senior officials from both countries
The MoU includes a cooperation framework through the exchange of information and professional expertise, as well as the training and development of staff at both central banks. The areas of cooperation encompass monetary policy, financial markets, electronic payment systems and services, financial and supervisory technologies, in addition to banknote issuance
The MoU aims to promote the use of local currency settlements for cross-border financial and trade transactions, while facilitating direct investments between both sides to foster economic integration. It also includes provisions to strengthen cooperation on Central Bank Digital Currencies (CBDC). Additionally, it supports financial innovation using modern technology through conducting joint research and studies, as well as exchanging technical information and expertise
In this regard, H.E. Mr. Hassan Abdalla, Governor of the CBE, affirmed that “this MoU reflects the evolution of the historic ties between Egypt and China. It demonstrates both institutions’ commitment to strengthening partnerships between their respective financial institutions in light of global economic developments.” He also expressed his optimism regarding this step, which is expected to elevate economic cooperation to more advanced and effective levels
For his part, Mr. Pan Gongsheng, Governor of the PBOC, stated that “the signing of this MoU marks a pivotal step in advancing economic relations between Egypt and China,” emphasizing that “this agreement will facilitate the sharing of best practices and regulatory coordination in both jurisdictions, creating an enabling environment to unlock greater potential of bilateral financial cooperation
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