Egypt's central bank governor, Hassan Abdalla, and his Chinese counterpart
CAIRO - 27 September 2023: Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, discussed a currency swap agreement with his Chinese counterpart, Pan Gongsheng, to strengthen the partnership between them and contribute to financial stability.
They also talked during their meeting in Beijing about the Egyptian government's intention to issue Panda bonds denominated in Chinese yuan. Both parties also discussed encouraging Chinese banks to establish a presence in Egypt and vice versa to enhance financial integration between the two economies.
Abdalla called on Chinese banks to enter the Egyptian market, and likewise encouraged their Egyptian counterparts to enter the Chinese market, to further increase the volume of trade between the two countries. This call was made during his meeting with his Chinese counterpart, Pan Gongsheng, in Beijing.
The bilateral meeting covered various topics aimed at enhancing economic and financial cooperation between the two nations in light of the political leadership's directives in both countries to boost cooperation in this field. This was also in line with the meeting of the two presidents in December of last year.
The Governor of the Egyptian Central Bank emphasized Egypt's significant role in multilateral development banks. Egypt hosted the annual meetings of the African Development Bank and the Asian Infrastructure Investment Bank, expressing hope for cooperation with China to open more channels between China and Africa through Egypt.
On his part, Pan Gongsheng, the Governor of the People's Bank of China, affirmed the comprehensive partnership between China and Egypt, as well as the distinguished relations that have linked the two countries over the years. He welcomed Egypt's initiative to issue Panda bonds.
The event was also attended by senior representatives of international institutions, including the International Monetary Fund, the World Bank, and other central banks.