CAIRO – Egypt’s Minister of International Cooperation Rania El Mashat said that Egypt is the first country to sign a deal with China International Development Agency on debt-for-development swap, noting that Cairo has a vast and excellent expertise in such kind of deals with the German and Italian sides which comes as part of Egypt’s strategy to diversify mechanisms of funding through innovative tools.
In statements recently, Mashat said the signing of a memorandum of understanding (MOU) today with China’s International Development Agency reflected the strength of joint relations and friendly bonds between the two countries that date back to a long time of their history.
Earlier, Prime Minister Mostafa Madbouli has attended the signing ceremony of a Memorandum of Understanding to strengthen cooperation between Egypt and China on debt-for-development swap.
The MoU was signed by International Cooperation Minister Rania Mashat and Chairman of the China International Development Cooperation Agency Luo Zhaohui, in the presence of Madbouli, who is in Beijing to partake at the third Belt and Road Forum for International Cooperation (BRF) on behalf of President Abdel Fattah El Sisi.
The MoU aims to foster cooperation between both countries to swap debts for carrying out development projects and achieving sustainable development, the minister explained, adding that Cairo-Beijing relations have been continuously progressing since the signing of a comprehensive partnership between the two countries in 2014 during the visit of President Abdel Fattah El Sisi to China.
The inking of the MoU reflects both countries’ keenness to open new horizons for cooperation and cement strategic partnership between both sides, Mashat said.
She also went on to say that the government is following up the rules of governance and good management of the debt swap programs through international cooperation and development funding mechanisms, reflecting a keenness on diversifying the structures of funding and bolstering development efforts and climate action with mutual development partners.