The Governor of the Central Bank of Egypt Meets the President of China Development Bank

As part of his visit to Beijing, the capital of China, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), and his accompanying delegation visited the new headquarters of the China Development Bank (CDB).  They were welcomed by Mr. Tan Jiong, President of the CDB, who guided them on a tour in the new bank’s headquarters.

The tour was followed by a series of bilateral meetings and a lunch banquet in honor of the Governor of the CBE, with the presence of Mr. Rami Aboulnaga, Deputy Governor of the CBE, Ambassador H.E. Mr. Assem Hanafi, Egypt’s Ambassador to China, and a number of members of the Egyptian diplomatic mission in China.

The meetings covered a wide range of important topics, such as expanding mutual cooperation, emphasizing the importance of increasing regional cooperation fields and financial integration between the two countries, in addition to organizing a conference in Egypt to introduce Chinese companies and banks, given that Egypt is a gateway to the African continent.

During the meetings, the CBE’s Governor invited Mr. Tan Jiong, the Chairman of the China Development Bank, to visit Egypt, affirming that the Central Bank of Egypt supports the expansion of the China Development Bank’s presence in the local market as a full-fledged financial institution. H.E. Mr. Abdalla also urged the Chinese counter to increase investments in the local market in key sectors, aligned with the Egyptian government’s priorities.

From his side, Mr. Tan Jiong, the chairman of the China Development Bank, 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. He also called on the China-Africa Development Fund’s Chairman to intensify the Fund’s focus and efforts in Egypt.

During their discussions, the two sides agreed to explore 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, while working on facilitating the establishment procedures for Chinese companies and banks in Egypt, to enhance mutual cooperation.

At the end of the meeting, China Development Bank’s Chairman expressed his gratitude to meet with the Egyptian Governor in Beijing, and to receive H.E. Mr. Hassan on his first visit to the bank, highlighting its importance as milestone that helped strengthen the ties between the two countries, and enhance joint cooperation, especially that the fund has always given priority to finance infrastructure and energy projects within the Egyptian sector.

On a related note, the Chairman of the China-Africa Development Fund (CAD), Mr. Song Li added that the Fund seeks to increase its current project portfolio, especially in the fields of health, education, technology, and vocational training, 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.