In a significant move to bolster banking and financial ties between Egypt and China, Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), has signed a Memorandum of Understanding (MoU) with Pan Gongsheng, Governor of the People’s Bank of China (PBOC). The signing took place at the Egyptian Cabinet headquarters, witnessed by Egypt’s Prime Minister Mostafa Madbouly and China’s Premier Li Qiang, alongside senior officials from both countries.
The MoU establishes a framework for cooperation through the exchange of information and expertise, as well as training and capacity-building for staff at both central banks. Areas of collaboration include monetary policy, financial markets, electronic payment systems and services, financial and supervisory technologies, and banknote issuance.
A key objective of the MoU is to encourage the use of local currencies in cross-border trade and financial transactions, facilitating direct investments to enhance economic integration. The agreement also covers cooperation on Central Bank Digital Currencies (CBDC) and supports financial innovation through joint research, studies, and the sharing of technical knowledge.
Commenting on the signing, Hassan Abdalla said: “This MoU reflects the evolution of the historic ties between Egypt and China. It demonstrates the commitment of both institutions to strengthening partnerships between our financial sectors amid global economic developments.” He also expressed optimism that this step would advance economic cooperation to “more effective and progressive levels.”
Pan Gongsheng highlighted that the agreement represents “a pivotal step in advancing economic relations between Egypt and China,” noting that it would promote the exchange of best practices and regulatory coordination, paving the way for deeper bilateral financial collaboration.
