The MoU aims to enhance cooperation between the two countries in the field of debt swaps in order to implement development projects
Egypt and China signed a memorandum of understanding (MoU) on development debt swaps during the The 3rd Belt and Road Forum for International Cooperation.
The MoU aims to enhance cooperation between the two countries in the field of debt swaps in order to implement development projects. Through this partnership, Egypt will achieve sustainable development by using tranches of Chinese debt to implement development projects agreed upon by both sides.
The MoU was signed by Rania Al-Mashat, Minister of International Cooperation, and Lu Zhaohui, President of the Chinese International Development Cooperation Agency.
The signing of the MoU aligns with both countries’ keenness to explore new horizons and areas of cooperation in order to enhance the comprehensive strategic partnership between them.
The Central Agency for Public Mobilization and Statistics (CAPMAS) recently published trade exchange between Egypt and China hiked 2.2 percent in 2022, reaching $16.2 billion compared to $15.9 billion in 2021.
The CAPMAS noted that Egypt’s exports to China saw a growth of 25.1 percent, reaching $1.8 billion in 2022 compared to $1.5 billion in 2021.
