Egypt and China sign 1st phase of debt-for-development swap program

Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat and the Chairman of the China International Development Cooperation Agency (CIDCA), Chen Xiaodong, on Thursday signed five new cooperation documents aimed at boosting Egyptian-Chinese strategic relations.

These include a Memorandum of Understanding for the first development cooperation strategy between the two countries for 2025/2029, and the first phase of the debt-for-development swap program.

The documents were signed at the Cabinet headquarters in the New Administrative Capital. The signing was witnessed by Egyptian Prime Minister Mostafa Madbouly and Premier of the State Council of China Li Qiang.

The two sides signed an MoU on the first development cooperation strategy between Egypt and China from 2025-2029. This aims to promote development cooperation between the two countries in line with Egypt’s National Development Strategy 2030 and the Global Development Initiative (GDI).

The MoU stipulates enhancing cooperation in priority areas for both sides, including healthcare, connectivity, climate change and green development, digital economy, space, education, and industrial localization, which will serve as an opportunity for joint initiatives, as well as any other areas that the two sides may agree upon during this period.