Hassan Abdullah, Governor of the Central Bank of Egypt (CBE) met with his Chinese counterpart Pan Gongsheng, in a ceremony, which senior representatives of international institutions, including the The International Monetary Fund (IMF), the World Bank and some other central banks, during which Hassan Abdullah stressed the depth and strategy of bilateral relations between the two countries.
The governor stressed the similarity of views between the two sides regarding the need to enhance joint cooperation, pointing out that mutual visits between the two sides at the highest level contribute to deepening cooperation between the two sides in all fields, especially in economic and banking affairs, according to a statement from the bank.
The bilateral meeting witnessed the discussion of many topics within the framework of enhancing economic and financial cooperation between the two countries in light of the directives of the political leadership in the two countries to advance cooperation in this field and the recent meeting of the two presidents last December. Among the most prominent topics discussed was the currency swap agreement to enhance the partnership between the two sides and contribute to financial stability.
The Egyptian government’s intention to issue panda bonds denominated in the Chinese yuan was also discussed, and the two parties also encouraged Chinese banks to be present in Egypt and vice versa to enhance financial integration between the two economies.
Abdullah pointed out the importance of Chinese banks being more present in the Egyptian market - and vice versa - due to the large volume of trade exchange between the two countries, calling on Chinese banks to enter the Egyptian market.
The Governor of the Central Bank of Egypt explained that Egypt plays a major role in the multilateral development banks. It hosted the annual meeting of the African Development Bank and the Asian Infrastructure Investment Bank, and expressed his hope for cooperation with China to open more channels between China and Africa via Egypt.
On his part, Governor of the People's Bank of China stressed the comprehensive partnership between China and Egypt, and the distinguished relations that have linked the two countries over the years, and expressed his welcome to Egypt's initiative to issue panda bonds.
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