The agreements signed during Chinese Premier Li Qiang's official visit to Cairo opened the door to new cooperation in the areas of finance, digital payment systems, and sustainable development.
A memorandum of understanding on strategic financial cooperation was signed between the Central Bank of Egypt and the People's Bank of China, while an agreement on debt swaps was reached between the Egyptian Ministry of Planning and the China Development Cooperation Agency. Additionally, protocols were put in place in various areas such as low-carbon development, e-commerce, quality, and standards.
Under the agreements, steps such as the integration of payment systems in the local currencies of the two countries, the sharing of technical expertise, and the issuance of Panda Bonds in the Chinese financial market were discussed. In addition, China's UniPay payment system aims to gain wider acceptance in the Egyptian market by establishing cooperation to develop the digital payment infrastructure in Egypt.
The memorandums of understanding signed between Egypt's Suez Canal Bank and the China-Africa Investment Company TEDA also include increasing the use of the Chinese yuan in economic cooperation zones.
These steps taken during Chinese Premier Li Qiang's visit demonstrate Egypt and China's commitment to deepening their partnerships not only in the financial sector but also in many other sectors such as the environment, health, e-commerce, and planning. The parties aim to advance toward sustainable development goals together through these agreements.
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