The Central Bank of Egypt (CBE) has received a loan worth 7 billion yuan, equivalent to $956.61m, from the China Development Bank (CDB).
The CDB announced in a press release on Tuesday that the loan agreement was signed at the third session of the Belt and Road Initiative Forum, which took place in Beijing earlier this year. The loan aims to finance the projects that were agreed upon at the China-Africa Cooperation Forum in 2021.
In late September, CBE Governor Hassan Abdullah visited the new headquarters of CDB in Beijing, where he was welcomed by CDB President Tan Jeong. Tan Jeong accompanied the Egyptian delegation on a tour of the new headquarters, followed by a series of meetings between the two sides.
The meetings discussed various topics, such as enhancing cooperation, expanding regional cooperation and financial integration between the two countries, and holding a conference in Egypt to introduce Chinese companies and banks, considering Egypt as a gateway to Africa.
Abdullah expressed his interest in having CDB as an integrated financial institution in the Egyptian market. He also invited the Chinese side to increase its investments in Egypt’s priority sectors.
Tan Jeong affirmed his support for financial integration and regional cooperation at all levels between the two sides. He also encouraged Chinese banks to strengthen their presence in Egypt and urged the China-Africa Development Fund to intensify its efforts in Egypt soon.
The two sides agreed to explore the possibility of using the renminbi, the Chinese currency whose unit is the yuan, in future projects and joint financing activities. They also agreed to facilitate the opening of new offices for Chinese companies and banks in Egypt to boost cooperation.
