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China has backed Egyptian foreign reserve by one billion dollars, senior official

Thursday 01 December 2016 02:12 PM

Egypt and China flags
Egypt and China flags

By Ahmed Ashour- Hagar Imran
Egyptian Central Bank Adviser Magdy Amer praised the Sino-Egyptian relations during the last period, especially after Beijing offered to Egypt billion dollars to support its foreign reserves, in addition to $ 800 millions to banks.

Amer  said that Cairo and  Beijing began on Thursday the implementation of  currency exchange mechanism between the two states, that will contribute to the promotion of joint cooperation.

Amer ‘s remarks came in his speech today during the Egyptian-Chinese Business Forum with the participation of Chinese companies and business association.

He added that Chinese investments in Egypt amounted to $ 700 million, which is a modest figure, but Chinese investment continues to increase, he continued.
He called upon paying more attention to promotional operations between the two countries.