Central Bank of Egypt Governor Hassan Abdalla has recently met with Mr. Tan Jiong, President of China Development Bank (CDB), as part of his visit to Beijing, China.
According to a statement by the CBE released on Thursday, Abdalla and his accompanying delegation toured the CDB’s new headquarters. The tour was followed by a series of bilateral meetings and a lunch banquet in honour of CBE governor, with the presence of deputy governor Rami Aboulnaga, along with Assem Hanafi, Egypt’s Ambassador to China, and a number of members of the Egyptian diplomatic mission in China.
Greater Chinese Presence across Egypt key Businesses on the Way
The meetings covered a wide range of key topics, including boosting regional cooperation fields and financial integration between the two countries. Given that Egypt is a gateway to the African continent, Abdalla discussed the possibility of organising a conference in his country while inviting key officials from Chinese companies and banks to explore investment opportunities.
He invited Jiong to visit Egypt, affirming that the CBE would support the CDB’s expansion of presence in the local market as a full-fledged financial institution. He also urged the Chinese official to increase investments in the local market in key sectors, aligned with the Egyptian government’s priorities.
CDB president reiterated his support for financial integration and mutual regional cooperation across all levels. He also confirmed that he encourages Chinese banks to increase their presence in the Egyptian market.
China-Africa Development Fund to intensify Support for Egypt
Jiong also called on the China-Africa Development Fund’s (CAD) chairman to intensify the Fund’s focus and efforts in Egypt. CAD chairman Song Li said the Fund seeks to increase its current project portfolio, especially in areas of health, education, technology, and vocational training. This is in addition to investing in infrastructure projects through public and private sectors’ partnership, while focusing on government strategic fields, such as agricultural and financial sectors.
During their discussions, Abdalla and Jiong explored the prospects of increasing the use of the Renminbi – Chinese currency whose unit is the Yuan – in future projects, as well as joint financing activities. They also discussed efforts to facilitate the establishment procedures for Chinese companies and banks in Egypt to enhance mutual cooperation.
CDB’s president expressed his gratitude to meet with the Egyptian governor in Beijing, asserting that the Chinese bank has always given priority to finance infrastructure and energy projects within the Egyptian sector.
