国际英语资讯:Egyptian, Chinese banks sign loan deals to enhance financial cooperation_时事

国际英语资讯:Egyptian, Chinese banks sign loan deals to enhance financial cooperation

Maghraby said it's important for China to have their own currency used more outside China, noting his bank has previously signed two loan agreements with the CDB that are worth 100 and 500 million dollars respectively.

Maghraby described Egypt's relations with China as "very strong and historical" with their close cultures and political and economic understanding and integration.

He stressed that Egypt is an active player in the Belt and Road Initiative proposed by Chinese President Xi Jinping in 2013.

CDB Executive Vice President Wang Yongsheng, who signed both deals with SAIBANK and Banque Misr, said the agreements marked a big step forward for the internationalization of the Chinese currency RMB within the framework of the Belt and Road Initiative.

"It is just the beginning of a brighter future for the cooperation between China and Egypt under the framework of the Belt and Road Initiative," Wang told Xinhua.

CDB chose Egypt as the destination for its first overseas representative office established in 2009, which is also the only Chinese financial institution in Egypt.

It has also provided financial service to support various sectors in Egypt, including energy, telecommunication, banking, manufacturing, and small and medium-sized enterprises. By the end of 2016, CDB's loan outstanding in Egypt had reached more than 2 billion dollars.

At the invitation of President Xi, Egyptian President Abdel-Fattah al-Sisi took part in the summit meeting of the BRICS economic bloc grouping Brazil, Russia, India, China and South Africa, which was held in Xiamen, China, on Sept. 3-5.