Egypt, China Sign Three Financial Cooperation Deals during Central Bank Governors’ Meeting

The Governor of the Central Bank of Egypt (CBE) Hassan Abdullah welcomed his Chinese counterpart Pan Gongsheng to Cairo this week, where the two central banks agreed to strengthen bilateral cooperation across a range of financial sectors.

Discussions focused on expanding currency swap arrangements, promoting local currency settlements, and enhancing interbank payment systems between the two nations — all within the framework of their long-standing strategic partnership.

During the talks, both sides emphasized the importance of boosting mutual investment, increasing the presence of Chinese banks in Egypt and Egyptian banks in China, and leveraging cooperation in emerging financial technologies.

“This visit marks a significant step in our shared commitment to deepening cooperation in banking and financial services,” said Abdullah. “It opens new avenues for knowledge exchange, supports financial stability, and advances sustainable development goals.”

Following the meeting, the two governors witnessed the signing of three Memorandums of Understanding (MoUs), signaling a major push toward digital and cross-border financial integration:

-A tripartite MoU between Egypt’s Suez Canal Bank, China-Africa TEDA Investment Company, and CIPS Co., Ltd. — the operator of China’s Cross-Border Interbank Payment System — to promote the use of the Chinese yuan within the Egypt-China Economic and Trade Cooperation Zone.

-A cooperation protocol between China’s UnionPay and Egypt’s Electronic Banking Services Company (EBC), aiming to expand electronic payment infrastructure and increase the acceptance of UnionPay cards across Egypt — including physical points of sale and e-commerce platforms.

-An additional agreement between UnionPay and Egypt-based fintech company Paymob, focused on promoting electronic acceptance solutions for businesses and digital merchants serving UnionPay cardholders.

The initiatives are intended to modernize Egypt’s payments ecosystem, foster local currency trade, and streamline financial operations between Egyptian and Chinese institutions. Officials from both countries stated that these agreements reinforce the shared vision of economic integration and support the two nations’ sustainable development agendas.

The visit and agreements come amid Egypt’s broader drive to enhance its global financial partnerships and China’s continued effort to strengthen its economic footprint across the Middle East and Africa.