Cairo: Egypt and China affirmed their commitment to strengthening cooperation across a broad range of sectors as President Abdel Fattah al-Sisi hosted Chinese Premier Li Qiang in Cairo for high-level talks aimed at deepening bilateral ties.
According to Anadolu Agency, the meeting, which included Egyptian Prime Minister Mostafa Madbouly and senior officials from both countries, focused on expanding economic cooperation and preparing for the 70th anniversary of the establishment of diplomatic relations between Egypt and China in 2026, the presidency said in a statement. Sisi reaffirmed Egypt's commitment to advancing the comprehensive strategic partnership with China and welcomed Beijing's growing role in Egypt's development efforts. He also expressed interest in attracting more Chinese investment, particularly in renewable energy, electric vehicle production, and tourism.
Chinese Premier Li Qiang expressed similar views, emphasizing China's interest in expanding cooperation with Egypt through the Belt and Road Initiative (BRI). He highlighted key areas for growth, including trade, finance, manufacturing, new energy, science and technology, and cultural exchanges. "We are willing to encourage more capable Chinese enterprises to invest in Egypt," Li stated in his remarks shared by China's state-run Xinhua News Agency.
In a significant move, Egypt and China signed three agreements to enhance financial cooperation using their respective currencies. This took place during a meeting between the Governor of the Central Bank of Egypt, Hassan Abdalla, and his Chinese counterpart Pan Gongsheng. According to the Central Bank of Egypt, the meeting, held at the bank's headquarters in Cairo, discussed developing mechanisms for exchanging technical expertise and several key issues, including a currency swap agreement between the two sides, settling payments in local currencies, Egypt's issuance of 'Panda bonds' in the Chinese market, and linking payment systems between the two countries.
The two sides also focused on enhancing the presence of Chinese banks in the Egyptian market and supporting Egyptian banks in China to encourage bilateral investments and facilitate commercial and financial operations. The meeting witnessed the signing of three memoranda of understanding reflecting the direction toward enhancing financial and technical cooperation between the two countries.
Egypt's Suez Canal Bank signed an agreement with China-Africa TEDA Investment Company and the China-based Cross-border Interbank Payment System (CIPS), promoting the use of the Chinese yuan in the economic cooperation zone between the two countries. Additionally, China's UnionPay signed a cooperation protocol with the Egyptian Banks Company for technological advancement to expand the acceptance of its cards in the Egyptian market, including at points of sale and online platforms.
These developments occurred within the framework of a two-day visit by the Chinese premier to Cairo, which included the signing of several agreements between Egypt and China covering cooperation in planning, environment, e-commerce, and health. Notably, the agreements included a memorandum of understanding between the Central Bank of Egypt and the People's Bank of China on strategic financial cooperation and another concerning debt swaps between the Egyptian Ministry of Planning and Economic Development and the China Development Cooperation Agency.
During a meeting between Prime Minister Madbouly and Premier Li, discussions included the global state of uncertainty and the importance of international efforts to resolve conflicts through dialogue and diplomatic means. The meeting also emphasized the need for international support to implement the Arab-Islamic plan for the reconstruction of the Gaza Strip, adopted by the extraordinary session of the Arab Summit held in Cairo.
China is one of Egypt's top commercial partners, with bilateral trade hovering around $14 billion annually. The two nations have also expanded defense cooperation, marked by their first joint air force drill in April.