Latest news with #financialcooperation
Zawya
11-07-2025
- Business
- Zawya
Egypt, China sign 3 MoUs to boost financial, payment system ties
Arab Finance: The Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, received his Chinese counterpart Pan Gongsheng in Cairo, where the two officials discussed enhancing bilateral financial cooperation and witnessed the signing of three memoranda of understanding (MoUs) aimed at deepening economic ties, as per a statement. The first MoU was signed between Suez Canal Bank, China-Africa Investment Company (TEDA), and CIPS Limited, the operator of China's Cross-Border Interbank Payment System. The agreement aims to promote the use of the Chinese yuan among businesses operating in the Egypt-China Economic and Trade Cooperation Zone. The second agreement was signed between Chinese payment firm UnionPay and the Egyptian Banks Company (EBC), which manages Egypt's national payment infrastructure. This partnership seeks to improve Egypt's electronic payment ecosystem and broaden acceptance of UnionPay cards across points of sale and online platforms throughout the country. UnionPay also signed a separate MoU with Egyptian fintech PayMob to expand the acceptance of its cards among merchants and websites affiliated with PayMob. Discussions between the two sides focused on several key areas, including a local currency swap agreement, settling payments in local currencies, Egypt's issuance of Panda bonds in the Chinese market, and linking the two countries' payment systems. They also explored ways to boost the presence of Chinese banks in Egypt and Egyptian banks in China to encourage joint investments. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
bnok24
10-07-2025
- Business
- bnok24
Governor of the Central Bank of Egypt Hosts Governor of the People's Bank of China and Witness Signing of Three Memoranda of Understanding for Joint Cooperation
Within the framework of the strategic and historic relations between the Arab Republic of Egypt and People's Republic of China, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), received H.E. Mr. Pan Gongsheng, Governor of the People's Bank of China (PBOC), and his accompanying delegation, during an official visit to Egypt, at the premises of the CBE. The two parties explored ways to enhance cooperation between their respective central banks, and develop mechanisms for exchanging technical expertise across areas of mutual interest to strengthen and advance economic relations between both countries On this occasion, Mr. Abdalla warmly welcomed Governor Gongsheng and his delegation to Egypt, expressing his delight at this visit, which reinforces the deep-rooted ties between the two countries. He emphasized that the visit presented a vital opportunity to exchange expertise and expand financial and banking cooperation, supporting economic stability and contributing to sustainable development for both countries. During the meeting, the two governors tackled important topics related to the local currency swap agreement, payments settlements in local currency, issuance of Panda Bonds and the creation of connectivity between the payments systems of the two countries. Moreover, the meeting tackled the importance of enhancing the presence of banks in the two countries along with promoting and encouraging bilateral investment flows After the meeting, the Governor of the CBE and his Chinese counterpart witnessed the signing of three MoUs to strengthen joint cooperation across various sectors. Notably, an MoU was signed between Suez Canal Bank, China-Africa 'TEDA' Investment Company, and CIPS Company Limited – the operational institution for the Cross-border Interbank Payment System 'CIPS' in China, with the aim of promoting the use of the Chinese Yuan within the China-Egypt Suez Economic and Trade Cooperation Zone Moreover, China's UnionPay International Company signed an MoU with the Egyptian Banks Company for Technological Advancement (EBC) in the field of electronic payment systems and services. The MoU focused on strengthening the e-payment infrastructure and expanding the acceptance of UnionPay cards across the Egyptian market, enabling cardholders to make purchases at all electronic Points-of-Sale (POS) terminals or e-commerce websites within the country Additionally, China's UnionPay Company signed a cooperation protocol with Paymob to promote electronic acceptance services for businesses and websites partnered with Paymob for UnionPay's cardholders These protocols reflected the Egyptian-Chinese commitment to boosting their bilateral strategic partnership and supporting economic integration efforts by advancing financial services infrastructure and expanding collaboration in the field of electronic payments, thereby contributing to the achievement of sustainable development goals and promoting trade and investment exchange between the two countries Google News تابعونا على تابعونا على تطبيق نبض CBEGovernor of the Central Bank of EgyptHassan Abdalla جاري التحميل ...
Khaleej Times
09-07-2025
- Business
- Khaleej Times
UAE, Pakistan discuss ways to enhance cooperation in financial fields
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, met with Bilal Azhar Kayani, Minister of State for Finance and Railways and Head of the Prime Minister's Delivery Unit in Pakistan, to explore ways to strengthen bilateral relations in financial fields, including expanding cooperation in fiscal policy and public revenue management. Held at the Ministry of Finance Offices in Dubai, the meeting discussed the importance of exchanging expertise and building sustainable institutional partnerships that support financial stability and foster comprehensive development in both countries. It comes as part of both sides' commitment to advancing a financial partnership aligned with development priorities and the challenges of the global economy. Al Hussaini lauded the strength of the longstanding financial and economic ties between the UAE and Pakistan. He noted that expanding channels of financial cooperation with Pakistan aligns with the UAE's priorities of promoting regional financial stability and enabling sustainable development through effective partnerships that enhance fiscal performance and resource sustainability in both nations. At the end of the meeting, both sides reaffirmed the importance of continued coordination and dialogue to strengthen bilateral relations and deepen cooperation in the financial sector.
Zawya
09-07-2025
- Business
- Zawya
Mohamed bin Hadi Al Hussaini, Pakistan's Minister of Finance discuss ways to enhance cooperation in financial fields
Dubai: H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, met with H.E. Bilal Azhar Kayani, Minister of State for Finance and Railways and Head of the Prime Minister's Delivery Unit in the Islamic Republic of Pakistan, to explore ways to strengthen bilateral relations in financial fields, including expanding cooperation in fiscal policy and public revenue management. Held at the Ministry of Finance Offices in Dubai, the meeting discussed the importance of exchanging expertise and building sustainable institutional partnerships that support financial stability and foster comprehensive development in both countries. It comes as part of both sides' commitment to advancing a financial partnership aligned with development priorities and the challenges of the global economy. Al Hussaini lauded the strength of the longstanding financial and economic ties between the UAE and Pakistan. He noted that expanding channels of financial cooperation with Pakistan aligns with the UAE's priorities of promoting regional financial stability and enabling sustainable development through effective partnerships that enhance fiscal performance and resource sustainability in both nations. At the end of the meeting, both sides reaffirmed the importance of continued coordination and dialogue to strengthen bilateral relations and deepen cooperation in the financial sector.
Zawya
08-07-2025
- Business
- Zawya
Egypt calls for stronger central bank cooperation, local currency use at BRICS summit
Egypt called on BRICS nations to strengthen cooperation between their central banks and push forward with enabling financial settlements in local currencies, its prime minister said at a summit session in Rio de Janeiro. Speaking on behalf of President Abdel Fattah Al-Sisi, Prime Minister Mostafa Madbouly said the world was suffering from complex crises and a decline in multilateralism, and that BRICS countries should bolster their financial and economic ties to face these challenges. 'We must enhance cooperation between the central banks of the BRICS countries and advance our efforts in enabling financial settlements in local currencies, in line with the BRICS cross-border payments initiative,' Madbouly told a session titled 'Enhancing Multilateralism, Economic and Financial Affairs, and Artificial Intelligence.' Madbouly stated that the world is experiencing a decline in the effectiveness of the international system, while developing countries are suffering from rising debt service burdens, inflation, and difficulty in accessing concessional financing for infrastructure projects. 'This situation has been further complicated by geopolitical tensions and conflicts, especially in the Middle East, which has resulted in other challenges such as illegal immigration and the displacement of populations,' he said. Madbouly said that Egypt believes in the need to strengthen the multilateral system, with the United Nations at its core, and highlighted several priorities for the BRICS group. He noted that the development finance gap for developing countries has exceeded $4 trillion annually and stressed the role of the BRICS New Development Bank (NDB) in providing concessional financing, particularly in local currencies. The prime minister also emphasised the important role of the private sector and the need to enhance links between businesses in BRICS countries and partner nations to implement joint projects in energy, manufacturing, and agriculture. On technology, Madbouly said Egypt welcomed the Brazilian presidency's efforts in drafting the 'BRICS Leaders' Declaration on Global Governance of Artificial Intelligence,' calling it a solid foundation for cooperation. He said BRICS nations need to formulate an effective roadmap for knowledge and technology transfer, as well as capacity building in advanced and emerging technologies, especially AI. In his closing remarks, the prime minister reiterated Egypt's full commitment to enhancing joint cooperation with BRICS member states to achieve their common goals.
