Egypt, China sign MoU to boost cooperation on banking supervision – CBE

The Central Bank of Egypt (CBE) and China’s National Financial Regulatory Administration (NFRA) signed a memorandum of understanding on Wednesday to enhance cooperation in banking supervision and regulation, the Egyptian central bank said in a statement.

The agreement was signed in Cairo by CBE Deputy Governor Tarek ElKholy and NFRA Vice Minister FU Wanjun during the Chinese delegation’s official visit to Egypt. It aims to promote collaboration in licensing and monitoring banks and financial institutions operating in both countries, and to facilitate the exchange of supervisory information and expertise.

According to the statement, the MoU will support the exchange of training, data, and updates on regulatory frameworks, and provide for regular meetings between both sides to discuss developments in financial supervision.

ElKholy said the deal represents an opportunity to expand financial and banking cooperation, particularly in applying technology and artificial intelligence in supervisory functions, and to align regulatory approaches for cross-border operations.

Fu Wanjun described the agreement as a pivotal step in strengthening institutional collaboration and sharing best practices, noting that it will deepen coordination between China and Egypt’s financial authorities in the coming period.

The CBE said the move reflects growing economic and financial ties between Egypt and China, building on longstanding bilateral relations and shared efforts to bolster economic stability.

Attribution: Amwal Al Ghad English