CBE governor Hassan Abdalla invites Chinese banks to tap Egypt market
Central Bank of Egypt (CBE) Governor Hassan Abdalla has invited Chinese banks to enter the Egyptian market to help boost bilateral financial integration between the two countries.
Abdalla made his remarks during his meeting with Pan Gongsheng, governor of People’s Bank of China (PBOC), to celebrate China’s National Day in the presence of high-profile officials representing a number of key global financial institutions, including the International Monetary Fund (IMF) and the World Bank.
The Egyptian central bank governor asserted that having greater presence of Chinese banks in the country is a necessity given the increasing trade exchange between both nations. He expressed his Egypt’s full readiness to act as a gateway for boosting trade between China and Africa.
Abdalla and Gongsheng discussed Egyptian government’s plans to issue its yuan-dominated panda bonds as well as means to renew another currency swap deal that will mutually benefit both countries.
