The signing took place following a meeting between the two sides during Gongsheng's current official visit to Cairo.
The meeting, held at the CBE headquarters, underscored the growing strategic partnership between Egypt and China and explored mechanisms for expanding cooperation between their central banks.
During the talks, both sides discussed ways to strengthen coordination on various monetary and financial issues, including activating a local currency swap agreement, facilitating payments settlement in local currencies, exploring the issuance of Panda Bonds, and creating interoperability between their respective national payment systems.
The two governors also explored ways to increase the presence of banks from each side in the other’s financial system and to promote bilateral investment flows.
For his part, Abdalla expressed his appreciation for Gongsheng's visit and the deep-rooted ties between Egypt and China, highlighting the occasion as a valuable platform for exchanging expertise and reinforcing collaboration in banking and financial services.
He affirmed that this cooperation supports economic stability and advances sustainable development objectives for both countries.
The two central bank governors witnessed the signing of three memoranda of understanding aimed at expanding cooperation across key sectors of mutual interest.
The first memorandum was signed between the Suez Canal Bank, China-Africa TEDA Investment Company, and CIPS Company Limited — the institution responsible for operating China’s Cross-border Interbank Payment System (CIPS). The agreement aims to enhance the use of the Chinese yuan within the China-Egypt Suez Economic and Trade Cooperation Zone, facilitating smoother trade and financial transactions between the two countries.
The second was signed between UnionPay International and the Egyptian Banks Company for Technological Advancement (EBC). This agreement aims to strengthen Egypt’s electronic payment infrastructure and enhance the acceptance of UnionPay cards throughout the Egyptian market.
The move is expected to enable UnionPay cardholders to make seamless purchases across electronic point-of-sale (POS) terminals and e-commerce platforms nationwide.
The third MoU saw UnionPay International partner with Egyptian fintech company Paymob to support the expansion of electronic acceptance services for merchants and digital platforms connected to Paymob’s network. This partnership aims to boost financial inclusion and make Egypt more accessible to Chinese consumers and businesses.
The signing of the three memoranda reflects the joint commitment of Egypt and China to deepen their strategic partnership and strengthen financial connectivity.
These steps align with broader efforts to advance digital transformation, enhance trade facilitation, and promote economic integration between the two nations.
The visit marks a new chapter in Egypt-China relations, laying the foundation for more collaborative initiatives in banking, finance, and beyond.
Short link: