ISTANBUL

Egypt and China affirmed their commitment Thursday to strengthening cooperation across a broad range of sectors as President Abdel Fattah al-Sisi hosted Chinese Premier Li Qiang in Cairo for high-level talks aimed at deepening bilateral ties.

The meeting, which included Egyptian Prime Minister Mostafa Madbouly and senior officials from both countries, focused on expanding economic cooperation and preparing for the 70th anniversary of the establishment of diplomatic relations between Egypt and China in 2026, the presidency said in a statement.

Sisi reaffirmed Egypt’s commitment to advancing the comprehensive strategic partnership with China and welcomed Beijing’s growing role in Egypt's development efforts.

He also expressed interest in attracting more Chinese investment, particularly in renewable energy, electric vehicle production and tourism.

“China is a key partner in Egypt’s economic future,” Sisi said, emphasizing the importance of coordinating on debt-swap mechanisms and ensuring the effective implementation of bilateral agreements.

Premier Li expressed similar views, saying China is eyeing an expansion of cooperation with Egypt in the Belt and Road Initiative (BRI). He pointed to key areas for growth, including trade, finance, manufacturing, new energy, science and technology and cultural exchanges.

“We are willing to encourage more capable Chinese enterprises to invest in Egypt,” Li said in his statement carried by China’s state-run Xinhua News Agency.

-MoUs signed between two countries

Egypt and China signed three agreements to enhance financial cooperation using their respective currencies.

This took place during a meeting between the Governor of the Central Bank of Egypt, Hassan Abdalla, and his Chinese counterpart Pan Gongsheng.

According to a statement issued by the Central Bank of Egypt, the meeting, held at the bank’s headquarters in Cairo, discussed developing mechanisms for exchanging technical expertise and several key issues, including a currency swap agreement between the two sides, settling payments in local currencies, Egypt’s issuance of “Panda bonds” in the Chinese market, and linking payment systems between the two countries.

A “Panda bond” is a bond denominated in Chinese yuan issued by a foreign entity and traded and sold within China.

The two sides also discussed “the importance of enhancing the presence of Chinese banks in the Egyptian market and supporting the presence of Egyptian banks in China, with the aim of encouraging bilateral investments and facilitating commercial and financial operations between Cairo and Beijing.”

The meeting witnessed the signing of three memoranda of understanding reflecting the direction toward enhancing financial and technical cooperation between the two countries.

Egypt’s Suez Canal Bank signed an agreement with China-Africa TEDA Investment Company and the China-based Cross-border Interbank Payment System (CIPS), China's dedicated payment system for clearing and settling cross-border renminbi transactions, to promote the use of the Chinese yuan in the economic cooperation zone between the two countries.

China’s national electronic payment company, UnionPay, signed a cooperation protocol with Egyptian Banks Company for technological advancement to expand the acceptance of its cards in the Egyptian market, including at points of sale and online platforms.

UnionPay also signed a memorandum of cooperation with Egypt’s leading digital payment solutions company, Paymob, to enhance electronic acceptance services and support their expansion among local businesses.

These moves come within the framework of a two-day visit that the Chinese premier began in Cairo on Wednesday, which saw the signing of a number of agreements between Egypt and China covering cooperation in planning, environment, e-commerce and health.

Among the most prominent agreements were a memorandum of understanding between the Central Bank of Egypt and the People’s Bank of China on strategic financial cooperation and another concerning debt swaps between the Egyptian Ministry of Planning and Economic Development and the China Development Cooperation Agency, in addition to agreements on low-carbon development, enhancing e-commerce and cooperation in standards and quality.

-Meeting on Gaza

During a meeting between Prime Minister Madbouly and Premier Li at the government headquarters in the New Administrative Capital east of Cairo, it was noted that "the world is going through a state of uncertainty, and that the international community must fulfill its role in obliging all conflicting parties to act with responsibility and political wisdom, contributing to the resolution of all conflicts on various fronts through dialogue and diplomatic means,” according to a statement from the Egyptian Cabinet.

The meeting also emphasized "the urgent need to continue mobilizing international support to implement the Arab-Islamic plan for the reconstruction of the Gaza Strip, which was adopted by the extraordinary session of the Arab Summit held in Cairo on March 4."

Li arrived in Cairo early Wednesday for an official visit for talks with Egyptian officials. Before his visit to Egypt, he attended the 17th BRICS summit in Rio de Janeiro, Brazil.​​​​​​​

China is one of the top commercial partners of Egypt, with bilateral trade hovering around $14 billion annually. The two sides have also expanded defense cooperation, with the Chinese and Egyptian air forces holding their first joint drill this April.