In a statement on Wednesday, the CBE said the MoU sets a framework for joint cooperation in several key areas, including the licensing of banks and financial institutions operating in either country, the supervision of cross-border banking activities, and the exchange of information to support supervisory functions and ensure financial stability.
The agreement also covers the sharing of expertise and training in banking oversight, with a particular focus on the use of technology and artificial intelligence in supervisory processes.
The agreement was signed during an official visit to Cairo by Fu Wanjun, Vice Minister of the NFRA, who was received by Tarek El-Kholy, Deputy Governor of the CBE, at the bank’s headquarters.
The visit comes in the context of deepening bilateral relations and expanding technical collaboration between the two countries’ financial authorities.
El-Kholy underscored that the MoU represents a strategic step toward expanding cooperation between the two nations in financial regulation and supervision, in light of evolving global challenges and the increasing complexity of financial systems.
“This visit offers a valuable opportunity to exchange expertise and broaden the scope of collaboration with the NFRA,” ElKholy said.
“We look forward to deepening our engagement across various areas of banking supervision, particularly in leveraging digital tools and aligning regulatory frameworks.”
For his part, Fu Wanjun praised Egypt’s efforts to strengthen institutional cooperation and emphasized the significance of the MoU in advancing mutual interests.
He described the agreement “as a milestone in deepening our engagement across various areas of banking supervision, particularly in leveraging digital tools and aligning regulatory frameworks.”
“The signing of this MoU marks a pivotal moment in our partnership,” Fu said. “It opens new avenues for coordination and knowledge exchange, which will be essential in navigating the challenges and opportunities of the next phase.”
The MoU reflects a broader trend of financial diplomacy between Egypt and China, as both countries seek to deepen economic integration and align their banking-sector institutional frameworks.
It also aligns with Egypt’s ongoing efforts to modernize its financial regulatory framework and attract international investment through improved transparency and oversight.
The CBE and NFRA are expected to begin implementing the agreement's provisions in the coming months, with technical teams from both sides coordinating on priority areas and capacity-building initiatives.
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