Egypt seeks deeper financial ties with China – FinMin

Egypt’s Finance Minister Ahmed Kouchouk emphasised the importance of enhancing financial co-operation with China to diversify funding sources, ensure financial sustainability, and boost domestic revenue mobilisation.

Egypt was among the first African countries to access Chinese markets with the support of the Chinese Ministry of Finance and the People’s Bank of China, Kouchouk said during a meeting with his Chinese counterpart Lan Fo’an.

He added that it has successfully issued panda bonds, which is a positive reflection on facilitating the African continent’s access to Asian financial markets through Chinese financial markets.

Kouchouk highlighted that the Egyptian government aims to increase co-operation with China in attracting investments, particularly through partnerships with the Egyptian private sector.

Egypt aims to enhance financing and investment partnerships, forge promising bilateral alliances, and boost Chinese foreign direct investment in manufacturing, logistics services, and port management.

Kouchouk said the focus is on attracting industrial development, infrastructure projects, renewable energy initiatives, and technology localisation. The Suez Canal Economic Zone is a prime location for Chinese companies to invest in Egypt.

Egypt is a strategic partner in the Belt and Road Initiative, which contributes to facilitating regional trade and improving connectivity and cooperation on a wide scale across continents.

Chinese companies can consider investing in sustainable sectors such as agriculture, desalination, and healthcare. This can help improve the trade balance by boosting Egyptian exports to China and attracting more tourists to Egypt.

Attribution: The Egyptian Cabinet statement

Subediting: M. S. Salama