China-Egypt Financial Cooperation: Developments and Problems

Since the formal establishment of strategic partnership, China and Egypt have continuously strengthened cooperation in the field of finance. The two countries have achieved positive progress through signing memoranda, establishing financial institutions, providing investment and financing support, and implementing the bilateral currency swaps. However, given the lower level of financial inclusion and the lack of efficient investment and financing systems, the two countries still face some difficulties and deficiencies, and it is difficult to achieve in-depth financial cooperation. At present, Egypt, as a country along the Belt and Road, supports the Belt and Road Initiative (BRI) launched by its biggest trade partner, China. Deepening China-Egypt financial cooperation plays a significant role in both promoting the implementation of BRI and advancing China’s geopolitics, economic, security, and strategic interests. China and Egypt shall increase the size of currency swap based on existent cooperation, strengthen support for financial projects, build official dialogue platforms, and share achievements in fintech. All the activities mentioned above may contribute to the overcome of challenges, mutual communication, and the next phase of deepened cooperation.