Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), met with his Chinese counterpart, Pan Gongsheng, Governor of the People’s Bank of China, during the celebration of the Chinese National Day and the Mid-Autumn celebrations. The event began with an opening speech delivered by Gongsheng to honor Abdallah, the guest of honor.
In his speech, the CBE governor emphasized the shared views between the two sides to enhance their cooperation. He highlighted that the exchange of visits strengthens their relations in all areas.
Both governors also chaired a bilateral meeting attended by Rami Abu El-Naga, Deputy Governor of CBE, and Assem Hanafi, Egypt’s Ambassador to China, along with members of the Egyptian delegation.
The meetings covered several topics aimed at enhancing economic and financial cooperation between the two countries.
One of the key topics discussed was the currency swap agreement, which aims to strengthen the partnership and contribute to financial stability. Additionally, the Egyptian government’s plan to issue panda bonds denominated in Chinese yuan was also discussed.
The two parties encouraged Chinese banks to have a presence in Egypt and vice versa, with the goal of enhancing financial integration.
During the meeting, Governor Abdalla emphasized the importance of Chinese banks having a stronger presence in the Egyptian market, and likewise, Egyptian banks having a stronger presence in the Chinese market. He extended an invitation to Chinese banks to enter the Egyptian market, given the significant volume of trade between the two countries.
The CBE governor explained that Egypt plays a major role in multilateral development banks, having hosted the annual meetings of the African Development Bank and the Asian Infrastructure Investment Bank. He expressed hope for cooperation with China to open more channels between China and Africa through Egypt.
In conclusion of the meetings, the Governor of the People’s Bank of China stressed the importance of the comprehensive partnership between China and Egypt. He acknowledged the distinguished relations that have linked the two countries over the years and welcomed Egypt’s initiative to issue panda bonds.
