By Redaction ARPS Media with MENAFM
The governor of the Central Bank of Egypt, Hassan Abdalla, met with Pan Gongsheng, the governor of the People’s Bank of China, on July 10.
They discussed facilitating trade using local currencies, specifically the Egyptian pound and Chinese yuan. Egypt plans to issue Panda bonds in China to raise funds directly from local investors, aiming to diversify funding sources.
Both governors emphasized increasing the presence of Chinese banks in Egypt and Egyptian banks in China to support joint investments.
Three agreements were signed, including a partnership between the Suez Canal Bank and the China-Africa TEDA Investment Company to promote yuan use in the China-Egypt Economic and Trade Cooperation Zone near the Suez Canal.
Additionally, UnionPay partnered with Egypt’s Electronic Banking Services to enhance digital payment systems and with Paymob to improve accessibility for e-commerce and businesses in Egypt.
Read full article at: Egypt, China Central Banks Sign Pacts To Boost Yuan Use, Payment Systems
