Egypt, China discuss cooperation to double value of currency swap agreement

CAIRO – 12 March 2026: Egyptian Foreign Minister Badr Abdelatty discussed with his Chinese counterpart Wang Yi on Thursday the desire to double the value of the currency swap agreement.

During a phone call, Abdelatty said that Egypt had issued $500 million in Chinese bonds, expressing hope of increasing their value in the future and strengthening cooperation with the China Development Bank to provide more foreign currency.

In October 2023, Egypt and China signed a debt swap agreement for development. Egypt is the first country to sign a debt swap agreement with China International Development Cooperation Agency, aiming to diversifying financing mechanisms through innovative instruments, said the former Minister of International Cooperation Rania El Mashat.

Both sides reviewed the fast-growing Egypt–China partnership and compare notes on a region under pressure, as both sides stressed the need to cool tensions and keep diplomacy moving.

Both ministers also pointed to 2026 as the 70th anniversary of diplomatic relations between Egypt and China, calling it a moment to build on what has already been achieved and push the partnership further.

Abdelatty praised Chinese investment and said Egypt wants more of it, especially in manufacturing, a direction Cairo has been pushing as it tries to localize production, move up industrial value chains and strengthen supply networks. 

Additional reporting by Zain Mohamed