In light of the historic ties between Egypt and China, Tarek El-Kholy, Deputy Governor of the Central Bank of Egypt (CBE), received Fu Wanjun, Vice Minister of the China National Financial Regulatory Administration (NFRA), and his accompanying delegation at the CBE headquarters during their official visit to Egypt.
The discussions focused on enhancing bilateral cooperation between the two financial authorities, particularly in the areas of banking supervision, regulatory frameworks, and the exchange of technical expertise. Both sides reaffirmed their commitment to strengthening economic and financial relations to advance the shared interests of their respective countries.
During the meeting, the two parties signed a Memorandum of Understanding (MoU) for joint cooperation in the licensing of banks and financial institutions operating in either country, the ongoing supervision of cross-border establishments and their activities, and the exchange of information to facilitate supervisory tasks and promote the safety and soundness of the banking systems in both jurisdictions. The agreement also covers the exchange of experience and training in the field of banking supervision, in accordance with the applicable laws and regulations of both parties.
The MoU further aims to streamline the exchange of information regarding developments or amendments to relevant laws and regulations and to establish a framework for regular meetings between the two authorities to ensure continued coordination and dialogue.
Welcoming Fu Wanjun and his delegation, Deputy Governor Tarek El-Kholy expressed appreciation for the visit, noting that it reflects the deep-rooted and strategic partnership between Egypt and China. He emphasised that the agreement represents an important step towards expanding financial and banking collaboration between the CBE and the NFRA, particularly in leveraging technology and artificial intelligence in supervisory functions. He added that the two sides also exchanged views on laws and regulations pertinent to supervised financial institutions, which will contribute to enhancing financial stability and supporting sustainable economic growth.
For his part, Vice Minister Fu Wanjun commended the CBE’s ongoing efforts to strengthen bilateral cooperation and highlighted the significance of the MoU as a milestone in institutional collaboration between Egypt and China. He affirmed that the agreement marks a pivotal step toward deepening coordination and broadening avenues for the exchange of expertise and best practices, thereby fostering closer alignment and greater financial stability in the forthcoming phase.
