A China yuan note is seen in this illustration photo May 31, 2017 - REUTERS/Thomas White/Illustration/File Photo
CAIRO - 12 May 2022: Egypt aims to issue yuan-dominated bonds in the Chinese market to diversify financing tools and sources, attract new investors, and helps reduce cost and diversification of sources of financing development investments.
This came during Minister of Finance Mohamed Maait’s statement during his meeting with Liao Liqiang, Chinese Ambassador to Cairo.
The yuan bond is the second largest bond market in the world.
Maait said that the state is continuing to create an attractive business environment for investments of all kinds in various development sectors in a way that allows for increased joint cooperation with the world's major economies, which contributes to strengthening the structure of the national economy, sustaining growth rates, providing new job opportunities, improving citizens' lives and upgrading the services provided to them.
He pointed out that China is an important trading partner for Egypt, and that they are keen to expand the scope of the existing cooperation between the two countries to include the financial fields, according to a statement of the Ministry of Finance.
“We are keen to enhance trade exchange, economic relations and joint investments in various fields, including the transfer of modern technology, and contribute to launching an industrial base for the production of Chinese electric cars in Egypt, to benefit from the Chinese industrial renaissance,” the minister said.
He stressed that economic reform helped the country a lot in enhancing the resilience of the economy and giving it the ability to overcome challenges and absorb economic shocks imposed by global changes, due to the Coronavirus pandemic and the Ukrainian crisis.
The Chinese ambassador in Cairo expressed his appreciation for the economic reform efforts in Egypt, in a way that contributes to containing the effects of the inflationary wave that is currently hitting the global economy, as well as the pressures resulting from the high prices of wheat, food commodities and oil, stressing his country's keenness to increase trade exchange and strengthen economic and investment relations with Egypt, and expanding means of joint cooperation in various fields.
The meeting was attended by: Sherine El-Sharqawy, First Assistant Minister of Finance for Economic Affairs, Ambassador Hossam Hussein, Adviser to the Minister for Foreign Relations, Mai Adel, Adviser to the Minister for Financial Markets, and Doaa Hamdy, Head of the Foreign Relations Unit.