PM Meets Chinese NFRA Chairman

Egypt's Prime Minister, Dr. Mostafa Madbouli, met with Mr. Li Yunzi, Chairman of China's National Financial Regulatory Administration (NFRA), Mr. Liao Liqiang, Chinese Ambassador to Cairo, and their delegation at the government headquarters in the new administrative capital.

The meeting was attended by Mr. Ahmed Kouchouk, Minister of Finance, Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), Mr. Yasser Sobhy, Deputy Minister of Finance, Ambassador Ahmed Shaheen, Assistant Foreign Minister for Asian Affairs, and Ms. May Adel, Advisor to the Minister of Finance for Capital Markets Operations.

During the meeting, Madbouli hailed the projects implemented in partnership between the two countries, particularly the involvement of Chinese companies in the construction of the business district in the new administrative capital, the towers of New Alamein City, and the light railway. He also commended China's TEDA industrial zone in the Suez Canal Economic Zone, emphasizing its successful development and attraction of many Chinese companies.

The Prime Minister expressed the hope to boost Chinese investments in the Suez Canal Economic Zone and appreciated the work of Chinese companies in Egypt, including his visit to the Haier home appliance manufacturing project.

Madbouli also lauded the first issuance of Panda bonds in the Chinese capital market, worth 3.5 billion Chinese yuan, with credit guarantees provided by the Asian Infrastructure Investment Bank and the African Development Bank. 

The Premier highlighted the cooperation between the two countries during the preparation of the first issue of Panda Bonds, reflecting the comprehensive strategic partnership between them.

Madbouli further noted Egypt's readiness to cooperate with China to support the BRICS mechanisms and reiterated the Egyptian government's continued support for the One China principle based on respecting China's sovereignty and territorial integrity.

In turn, Mr. Li Yunze noted that 2024 will mark the tenth anniversary of the comprehensive strategic partnership between Egypt and China, established under the leadership of the two countries' leaders. Moreover, he explained that the relationship between Cairo and Beijing has significantly progressed since President Abdel Fattah El-Sisi's visit to China last May.