Dr. Mostafa Madbouli, Prime Minister, met today at the government headquarters in the new administrative capital with Mr. Li Yunzi, Chairman of China’s National Financial Regulatory Administration (NFRA), Mr. Liao Liqiang, Chinese Ambassador to Cairo, and their accompanying delegation.

On the Egyptian side, the meeting was attended by Mr. Ahmed Kouchouk, Minister of Finance, Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), Mr. Yasser Sobhy, Deputy Minister of Finance, Ambassador Ahmed Shaheen, Assistant Foreign Minister for Asian Affairs, and Ms. May Adel, Advisor to the Minister of Finance for Capital Markets Operations.

The Prime Minister started the meeting by welcoming Mr. Li Yunzi and Mr. Liao Liqiang and the accompanying delegation to the Cabinet headquarters as part of the agenda of the Chinese official’s current visit to Egypt, which comes one month after Dr. Mostafa Madbouli’s visit to Beijing to participate on behalf of H.E. President Abdel Fattah El-Sisi in the Forum on Ch
ina-Africa Cooperation (FOCAC) Summit.

During the meeting, the prime minister noted that the two countries are celebrating the 10th anniversary of the strategic partnership between Cairo and Beijing since 2014 by holding several activities and events in the political, economic, investment, tourism, and cultural fields this year.

Madbouli praised the projects implemented in partnership between the two countries, most notably the participation of Chinese companies in the construction of the business district in the new administrative capital, the towers of New Alamein City, and the light railway.

He also touched on China’s TEDA industrial zone in the Suez Canal Economic Zone, praising the zone’s great development in the industrial sector and describing it as a successful model, as it has attracted many Chinese companies.

In this context, the Prime Minister expressed his aspiration to increase investments by Chinese companies in the Suez Canal Economic Zone in areas of priority for Egypt.

He expressed his a
ppreciation for the work of Chinese companies in Egypt, as well as the companies with which he held interviews during the past period and visited their work sites, such as his visit to the Haier home appliance manufacturing project.

Dr. Moustafa Madbouli praised the first issuance of Panda bonds in the Chinese capital market worth 3.5 billion Chinese yuan, equivalent to 500 million dollars, with a credit guarantee provided by the Asian Infrastructure Investment Bank and the African Development Bank, as Egypt is the first country in Africa to enter the Chinese stock market, and the issuance met with great demand from a distinguished group of investors interested in the Egyptian market.

Dr. Moustafa Madbouli noted the cooperation between the two countries during the preparation of the first issue of Panda Bonds, which is a reflection of the comprehensive strategic partnership between the two countries. He also emphasized the importance of cooperation in the monetary and financial field between the two countri
es.

The Prime Minister noted Egypt’s readiness to cooperate with China to support the BRICS mechanisms. He also stressed the Egyptian government’s continued support for the One China principle based on respecting China’s sovereignty and territorial integrity.

Source: State Information Service Egypt