Deputy Governor of the Central Bank of Egypt and Vice Minister of China National Financial Regulatory Administration Sign MoU to Strengthen Bilateral Banking Cooperation
In a move reflecting the historic ties between Egypt and China, Mr. Tarek ElKholy, Deputy Governor of the Central Bank of Egypt (CBE), hosted Mr. FU Wanjun, Vice Minister of the China National Financial Regulatory Administration (NFRA), along with his delegation at the CBE headquarters during their official visit to Egypt.
The discussions focused on enhancing bilateral cooperation in banking supervision, regulatory frameworks, technical expertise exchange, and strengthening economic relations to advance the shared interests of both countries.
Signing of the MoU for Joint Cooperation
During the visit, the two sides signed a Memorandum of Understanding (MoU) covering:
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Licensing of banks and financial institutions to operate in Egypt and China.
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Ongoing supervision of cross-border banking establishments.
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Sharing of information to support supervisory tasks and ensure the safety and soundness of banks.
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Exchange of experience and training in banking supervision.
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Regular updates on amendments or developments in banking laws and regulations.
The MoU aims to streamline collaboration and promote consistent communication through regular meetings between the two regulatory bodies.
Strengthening Financial and Banking Ties
Mr. Tarek ElKholy, Deputy Governor of the CBE, welcomed Mr. FU Wanjun and his delegation, highlighting that the visit represents a valuable opportunity to exchange expertise and expand financial and banking collaboration.
He emphasized the importance of leveraging technology and artificial intelligence in banking supervision and stressed sharing insights on laws and regulations relevant to supervised financial institutions, thereby fostering mutual economic stability.
For his part, Mr. FU Wanjun, Vice Minister of the NFRA, praised the continuous efforts to enhance cooperation between Egypt and China. He described the MoU signing as a pivotal step for strengthening collaborative ties, expanding the sharing of best practices, and improving mutual coordination in the banking sector.
