Egypt, China Sign Financial Pacts Boosting Yuan Use, Payment Systems

Egypt and China have recently reinforced their strategic partnership through multiple high-level engagements and financial agreements aimed at deepening economic and financial ties. During Chinese Premier Li Qiang's first visit to Egypt, the two countries signed memoranda of understanding to promote the use of the Chinese yuan in trade and to enhance electronic payment systems, including agreements involving UnionPay and Egyptian fintech firms. Central bank governors Hassan Abdalla and Pan Gongsheng signed three cooperation agreements to expand currency swap arrangements, facilitate local currency payments, explore Panda bond issuance, and link national payment systems. President Abdel Fattah al-Sisi emphasized Egypt's commitment to attracting more Chinese investment, especially in renewable energy, electric vehicle manufacturing, and tourism, while also highlighting ongoing coordination on debt swap mechanisms. Both sides expressed interest in expanding Belt and Road Initiative cooperation, increasing trade and finance collaboration, and strengthening cultural and manufacturing ties ahead of the 70th anniversary of diplomatic relations in 2026. The partnership reflects a commitment to economic stability, sustainable development, and enhanced regional cooperation.