CBE's Governor meets with his Chinese counterpart in Beijing

Hassan Abdullah, the Central Bank of Egypt Governor, met with his Chinese counterpart, Pan Gongsheng. The ceremony began with an opening speech by Gongsheng, welcoming the guest of honor, Hassan Abdullah.

Governor Hassan Abdullah was selected by governer of the People's Bank of China to gave a speech in front of high-level representatives of international institutions, including IMF, World Bank, and other central banks. Abdullah emphasized the depth and strategic nature of the bilateral relations between the 2 countries.

CBE Governor expressed gratitude to the Chinese side for inviting him to celebrate the Chinese National Day and Mid-Autumn Festival.

Both sides confirmed their shared views on the need to enhance mutual cooperation, highlighting that high-level exchanges contribute to strengthening cooperation in various areas, particularly in economic and banking matters.

Following a tour of the new headquarters of the People's Bank of China, the 2 Governors held a bilateral meeting in the presence of leadership from both sides.

From the Egyptian side, Rami Aboul Naga, Deputy Governor of CBE, and Ambassador Assem Hanafi, Egypt's Ambassador to China, along with members of the Egyptian delegation, attended the meeting.

The bilateral meeting discussed various topics related to enhancing economic and financial cooperation between the two countries, in line with the political leadership's directives in both nations to promote collaboration in this field, following a meeting between the 2 Presidents in December of the previous year.

One of the key topics discussed was a currency swap agreement to strengthen the partnership between the two sides and contribute to financial stability. The Egyptian government's intention to issue Panda bonds denominated in Chinese yuan was also discussed. Both sides encouraged Chinese banks to establish a presence in Egypt and vice versa to boost financial integration between the two economies.

Abdullah emphasized the importance of Chinese banks having a more significant presence in the Egyptian market, considering the substantial trade volume between the two countries, and invited Chinese banks to enter the Egyptian market.

CBE's Governor also highlighted Egypt's significant role in multilateral development banks, hosting the annual meeting of African Development Bank and Asian Infrastructure Investment Bank.

He expressed hope for cooperation with China in opening more channels between China and Africa through Egypt.

On his part, Governor Pan Gongsheng of the People's Bank of China reaffirmed the comprehensive partnership between China and Egypt, the distinguished relations between the two countries over the years, and welcomed Egypt's initiative to issue Panda bonds.