10 Key facts about the MOU between Egypt and China

Egypt has become the first country to sign a debt swap agreement for development with the China International Development Cooperation Agency, as announced by Minister of International Cooperation, Rania Al-Mashat.

This agreement illustrates the enduring and historically rooted bilateral relationship between Egypt and China.

Egypt has had prior experience with debt swaps, having engaged in such agreements with both Germany and Italy since the early 2000s.

Egypt's Ministry of International Cooperation has overseen debt swap programs worth about $730 million with Germany and Italy, facilitating the execution of 120 development projects, with more in progress.

Trade relations between Egypt and China grew by 2.2% in 2022, with the trade volume reaching $16.2 billion, up from $15.9 billion in 2021.

There was a significant 25.1% growth in Egypt's exports to China in 2022, highlighting strengthening economic connections.

A memorandum in the field of debt swap for development was signed in the presence of Egypt's Prime Minister Mostafa Madbouly during his visit to China.

The memorandum aligns with both countries' goals to enhance their strategic partnership and emphasizes their commitment to mutual cooperation and growth.

Minister Al-Mashat stressed the importance of this partnership, pointing out that it's a pioneering initiative from China's side and strengthens the bilateral ties since the 2014 Comprehensive Strategic Partnership agreement.

The debt swap mechanism aims to relieve external debt burdens, fund priority development projects, and support the Sustainable Development Goals, particularly the seventeenth goal related to global partnerships.