Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE, CDB Agree to Discuss Expanding Use of Yuan in Future Projects

Fri 29 Sep 2023 | 05:57 AM
Taarek Refaat

Hassan Abdullah, Governor of the Central Bank of Egypt (CBE) and Tan Jiong, President of the China Development Bank (CDB) agreed to discuss expanding the use of the “renminbi” - a Chinese currency whose unit is the yuan - in future projects.

This came on the sidelines of CBE's governor to the Chinese capital, Beijing, who was taken on a tour of the new headquarters.

The meetings discussed several important topics, most notably increasing joint cooperation, the importance of expanding the areas of regional cooperation and financial integration between the two countries, in addition to organizing a conference in Egypt to introduce Chinese companies and banks, considering that Egypt is a gateway to the African continent.

On his part, Jiong stressed on boosting financial integration and regional cooperation at all levels between the two sides. He also encouraged Chinese banks to increase their presence in Egypt, and called on the China-Africa Development Fund to intensify its efforts in Egypt during the coming period.