CBE Governor discusses cooperation with China Development Bank in Beijing

EGYPT CHINA (PRC)BELT AND ROAD INITIATIVE CURRENCIES INVESTMENT FINANCIAL SERVICES

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Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), met with Tan Jiong, the President of the China Development Bank (CDB), in Beijing, where he visited the new headquarters of the CDB. The meeting was attended by Rami Aboulnaga, the Deputy Governor of the CBE, Assem Hanafi, the Egyptian Ambassador to China, and other members of the Egyptian diplomatic mission in China.

The meeting covered various topics of mutual interest, such as enhancing regional cooperation and financial integration between the two countries and organizing a conference in Egypt to introduce Chinese companies and banks, as Egypt is a gateway to Africa.

Abdalla invited Tan to visit Egypt and expressed his support for the expansion of the CDB’s presence in the Egyptian market as a full-fledged financial institution. He also urged the CDB to increase its investments in key sectors that align with the Egyptian government’s priorities.

Tan reiterated his support for financial integration and regional cooperation at all levels. He also encouraged Chinese banks to increase their presence in the Egyptian market. He also called on the Chairperson of the China-Africa Development Fund to intensify the fund’s focus and efforts in Egypt.

The two sides agreed to explore the possibilities of increasing the use of the Renminbi, the Chinese currency, in future projects and joint financing activities. They also agreed to work on facilitating the establishment procedures for Chinese companies and banks in Egypt, to boost cooperation.

At the end of the meeting, Tan thanked Abdalla for his visit to the CDB and said that it was a milestone that strengthened the ties between the two countries and enhanced cooperation. He said that the CDB has always given priority to financing infrastructure and energy projects in Egypt.

The Chairperson of the China-Africa Development Fund, Song Li, said that the fund seeks to increase its current project portfolio in Egypt, especially in the fields of health, education, technology, and vocational training. He also said that the fund aims to invest in infrastructure projects through public-private partnerships and to focus on strategic sectors, such as agriculture and finance.