Wednesday, 27 May 2026
Egypt and China sign landmark agreements to boost financial cooperation
Cairo, Egypt – Egypt and China have taken significant steps to strengthen their longstanding strategic partnership with the signing of three landmark agreements aimed at enhancing economic cooperation and advancing their financial services sectors.
The Governor of the Central Bank of Egypt, Mr. Hassan Abdalla, warmly welcomed his Chinese counterpart, Mr. Pan Gongsheng, Governor of the People's Bank of China, during an official visit to Cairo. The two leaders and their accompanying delegations engaged in comprehensive discussions focused on expanding collaboration between the central banks and deepening technical exchanges across all areas of banking expertise. This meeting reflects the commitment of both nations to reinforcing their economic ties and supporting mutual interests.
Among the key topics was the development of agreements facilitating local currency swaps and the settlement of bilateral trade payments in Egyptian pounds and Chinese yuan. The talks also touched on Egypt’s upcoming issuance of Panda Bonds in the Chinese financial market and explored opportunities for greater integration between Egyptian and Chinese payment systems. Both governors emphasized the importance of increasing the presence of Chinese banks in Egypt and Egyptian banks in China, thereby strengthening joint investments and supporting stable, sustainable growth for both economies.
A highlight of the visit was the signing ceremony for three memorandums of understanding. One agreement links Egypt’s Suez Canal Bank with the China-Africa TEDA Investment Company and CIPS—the operator of China’s Cross-Border Interbank Payment System—to promote the use of the Chinese yuan within the Egypt-China economic cooperation zone. Additionally, the Chinese payment giant UnionPay signed a protocol with Egypt’s Electronic Banking Services (EBC), aiming to upgrade Egypt’s digital payments infrastructure and make UnionPay cards widely accepted across physical and online outlets in the country. UnionPay also established a partnership with Paymob, one of Egypt’s leading payment processors, to expand the reach of electronic payment solutions for businesses and ecommerce platforms.
These agreements are a testament to the growing synergy between Egypt and China, underlining their shared goal of furthering economic integration and modernizing financial services. By enhancing infrastructure for digital payments and encouraging bilateral trade in local currencies, the two countries are laying the foundation for lasting prosperity and deeper cooperation in the years ahead.