Egypt Hosts Chinese Central Bank Governor, Signs MoUs to Boost Currency and Payment System Integration
In a significant move to enhance financial cooperation between Egypt and China, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), hosted H.E. Mr. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), and his delegation during an official visit to Cairo. The meeting, held at the CBE headquarters, underscored the strategic and historic relations between the Arab Republic of Egypt and the People’s Republic of China, and aimed to explore mechanisms for deeper central bank collaboration and exchange of technical expertise in the financial sector.
Governor Abdalla welcomed his Chinese counterpart, affirming that the visit reflects the long-standing bilateral ties and provides an essential platform to expand banking cooperation and foster economic stability and sustainable development in both nations.
Strengthening Currency and Banking Ties
During the meeting, both governors discussed critical areas of mutual interest, including the local currency swap agreement, the settlement of payments in local currency, the issuance of Panda Bonds, and linking national payment systems.
Discussions also highlighted the importance of increasing the presence of Chinese and Egyptian banks in each other’s markets and encouraging greater bilateral investment flows.
Signing of Three Strategic Memoranda of Understanding
:The visit culminated in the signing of three Memoranda of Understanding (MoUs) aimed at strengthening joint financial cooperation
:Yuan Promotion in the Suez Economic Zone
An MoU was signed between Suez Canal Bank, China-Africa TEDA Investment Company, and CIPS Company Limited—the operational body of China’s Cross-border Interbank Payment System (CIPS).
This agreement supports the use of the Chinese Yuan (RMB) in the China-Egypt Suez Economic and Trade Cooperation Zone, advancing currency diversification and trade facilitation.
:Expansion of UnionPay in Egypt’s Payment Landscape
UnionPay International, a leading Chinese electronic payments provider, signed an MoU with the Egyptian Banks Company for Technological Advancement (EBC) to bolster Egypt’s electronic payment infrastructure.
The agreement aims to expand the acceptance of UnionPay cards across Egyptian POS terminals and e-commerce platforms.
:UnionPay-Paymob Digital Payment Protocol
A cooperation protocol between UnionPay and Paymob, a prominent Egyptian fintech company, was also signed to promote e-payment acceptance among businesses and digital merchants in Egypt.
Advancing Digital Finance and Economic Integration
These partnerships reaffirm the shared commitment of Egypt and China to enhance their strategic financial partnership, strengthen digital payment systems, and support regional economic integration. By fostering collaboration in financial services, the two nations are paving the way for improved trade relations, investment flows, and progress toward sustainable development goals (SDGs).
