Xu Yuankun, representative of China Development Bank Cairo Office, speaks during the seminar "Egyptian Financial Institutions and Chinese Enterprises Business Fair" in Cairo, Egypt, Sept. 18, 2018. China Development Bank (CDB), the largest Chinese bank for foreign investment and financing cooperation, expressed Tuesday its confidence in the Egyptian economy and the economic reform program the Egyptian government launched. (Xinhua/Meng Tao)
CAIRO, Sept. 18 (Xinhua) -- China Development Bank (CDB), the largest Chinese bank for foreign investment and financing cooperation, expressed Tuesday its confidence in the Egyptian economy and the economic reform program the Egyptian government launched.
Xu Yuankun, representative of CDB Cairo Office, made the comment at a seminar, dubbed "Egyptian Financial Institutions and Chinese Enterprises Business Fair," held in downtown Cairo.
Xu hailed Egypt's economic reform program that started in late 2016 and the country's ongoing mega national projects including the establishment of a new administrative capital city, road networks and other infrastructure projects.
"Also with the new discoveries of gas and oil resources, such as Zohr gas field in the Mediterranean Sea, the Egyptian market could achieve self-sufficiency of gas and maybe it could later export gas to other countries," Xu told Xinhua in an interview on the sidelines of the business fair.
He noted that Egypt is currently witnessing gradual improvement in the tourism sector due to growing security and stability in the country.
"All these are very positive signals for the progress of the Egyptian economy," he added.
The senior CDB official said that the bank provided loans to several Egyptian banks, including the Central Bank of Egypt (CBE) and the National Bank of Egypt (NBE), to help boost Egypt's foreign currency reserves as well as the country's industrial sector and small and medium-sized enterprises.
According to Xu, 123 Chinese companies have obtained membership of the Chinese Chamber of Commerce in Egypt since it was established in 2004 and their total investment in Egypt has reached 6.2 billion U.S. dollars so far.
Earlier in September, CDB signed an agreement to provide a loan of 600 million dollars to NBE.
Ghada el-Bialy, CEO of Treasury, Foreign Division and International Financial Services at NBE, placed emphasis on the ongoing and strong partnership NBE enjoys with CDB, which dates back to 2012 and has positively impacted both institutions and countries.
"The growing partnership between both institutions is a testimony of CDB's confidence in the Egyptian economy as well as the NBE's management," the Egyptian banker told Xinhua.
She added that NBE is proud of being a member of the China-Arab Countries Interbank Association, which is the brainchild of CDB, stressing that the establishment of the association marks a new milestone between China and member Arab countries and solidifies the longstanding partnership between China and Egypt.
"NBE is keen on developing its cooperation with CDB with the aim of contributing positively to the economic development of both countries," Bialy concluded.
The event, hosted by the Chinese Chamber of Commerce in Egypt and organized by CDB Cairo Representative Office, was attended by representatives of several Egyptian and foreign banks and Chinese companies operating in Egypt.
Egypt and China enjoy growing distinguished bilateral relations that have been elevated in 2014 to the level of comprehensive strategic partnership.