The Central Bank of Egypt (Photo: Al-Ahram)
The accord was inked during the third Belt and Road Forum held in Beijing last week, attended by Egyptian Prime Minister Mostafa Madbouly, as reported by Reuters on Tuesday.
Egypt is actively seeking additional funding to close a $17 billion financing gap by 2026, which is projected to be between $6-8 billion for FY2023/2024.
The country must also procure more hard currency to honour its commitment to the International Monetary Fund (IMF).
Egypt is currently involved in a four-year $3 billion loan programme with the IMF that necessitates a series of economic reforms, including adopting a flexible exchange rate.
The country seeks to collect $191 billion in annual US dollar revenues by 2026.
In parallel, the country is fortifying its ties with Asian economies in preparation for its imminent entry into the BRICS bloc in January 2024.
Cairo stands to gain numerous advantages from the bloc, as trade exchange with Cairo tallied $46.673 billion in 2022.
In 2022, Egypt secured development financing worth $13.7 billion to bolster national development objectives, with $2.6 billion specifically allocated to the private sector.
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