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Schneider Electric Tops TIME’s 2025 Ranking as World’s Most Sustainable Company

Posted on يوليو 16, 2025 by doha

Schneider Electric Tops Global Sustainability Ranking for the Second

Schneider Electric, a global leader in digital transformation of energy management and automation

has once again been recognized as the World’s Most Sustainable Company for 2025 by TIME Magazine

and Statista. This marks the second year in a row the French-based company tops the TIME World’s Most

Sustainable Companies list, which ranks 500 organizations based on their environmental and social impact.

A Clear Commitment to Net-Zero and Carbon Reduction

The recognition comes as a result of Schneider Electric’s strong progress toward its ambitious

sustainability goals, including:

25% absolute carbon emissions reduction across its entire value chain by 2030

Achieving Net-Zero CO2 emissions across the value chain by 2050

These targets are supported by a science-based roadmap validated by the Science Based

Targets initiative (SBTi) and implemented through the company’s Schneider Sustainability

Impact (SSI) 2021–2025 program. This framework empowers not just Schneider Electric but also its

customers, partners, and local communities to progress toward a more sustainable future

CEO Olivier Blum: “Sustainability Is at the Core of Our Mission”

Olivier Blum, CEO of Schneider Electric, commented on the accolade:

“We’re incredibly honored to be recognized as the world’s most sustainable company

for the second year in a row. At Schneider Electric, sustainability is at the heart of everything

we do. Our mission is to be the trusted partner for efficiency and sustainability, helping clients reduce

emissions and improve energy performance. We view our role as an ‘Impact Company’—where performance,

purpose, and culture converge to drive lasting change.”

TIME and Statista’s Methodology: 5,700 Companies, 20 Key Metrics

The TIME-Statista ranking assessed 5,700 companies across 20 key performance indicators (KPIs).

The evaluation criteria focused on:

Scope 1 and Scope 2 emissions

Energy consumption relative to company size

Renewable energy usage

Carbon emissions reduction efforts

Corporate sustainability reporting

Environmental, social, and governance (ESG) performance

This comprehensive methodology reflects Schneider Electric’s leadership in sustainable operations

transparency, and climate impact mitigation

Additional Global Sustainability Recognitions in 2025

In addition to the TIME Magazine accolade, Schneider Electric was also

Ranked as the World’s Most Sustainable Corporation 2025 by Corporate Knights

Named Most Sustainable Corporation in Europe and France

Honored in the TIME100 Most Influential Companies 2025, where it received the first-ever Impact in Sustainability Award

Credited for influencing 40% of the Fortune 500 in adopting more sustainable practices

These awards reinforce Schneider Electric’s reputation as a global pioneer in sustainability and green innovation.

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El Mansour Development” Announces Strategic Partnership with “Vesta”

Posted on يوليو 15, 2025 by aberabozaher

El Mansour Development has announced the signing of a strategic partnership agreement with Vesta to manage its new project, “Fountain”, the first fully serviced luxury apartment complex with a hotel-inspired concept in the Mokattam area. This strategic partnership aims to present a unique model of upscale living that meets the highest international standards.

El Mansour Development

Mr. Amgad Mansour, CEO of El Mansour Development, stated that this successful partnership brings together the essential elements of success, as both companies possess strong investment advantages. El Mansour is known for its promising expertise and solid track record, while Vesta is a global company specialized in managing holiday homes and hotel-style units, with extensive experience in delivering high-quality hospitality services — ensuring an exceptional residential experience for Fountain residents.

He added: “We believe that true luxury lies in the details, and our partnership with Vesta reflects our vision of offering an exceptional residential experience that combines world-class hotel services with the privacy of luxury apartments. Fountain is not just a place to live — it’s a lifestyle.”

He further explained that “Fountain” boasts a prime location in the heart of the upscale Mokattam district, near Al Nafoura Square, offering residents stunning views and easy access to key services and facilities. The project features fully furnished luxury apartments with elegant interior design, complemented by integrated hotel-style services, including 24/7 concierge and guest support, smart security systems, daily housekeeping, and a luxurious lobby.

Dr. Ahmed Abd El Rasoul, Chief Commercial Officer at El Mansour Development , pointed out that the project offers ready-to-move-in apartments with super-luxury finishing and complete furnishing, saving clients time and effort. The strategic cooperation between El Mansour’s real estate development expertise and Vesta’s operational excellence guarantees a fully integrated project that is set to become a landmark in hotel-inspired residential projects in Mokattam.

He added: “Fountain introduces a new concept of luxury living in Mokattam, blending the comfort of residential apartments with the world-class services of high-end hotels. It features smart home systems, 24/7 security, and upscale amenities that offer residents a lifestyle centered around quality and sophistication.”

CCR Developments rebrands, changes visual identity amid ambitious expansion plan

Posted on يوليو 15, 2025 by aberabozaher

CCR Developments has announced a comprehensive rebranding, unveiling a new brand and visual identity that reflect its future-focused vision and ambitious plans for expansion in real estate market. This strategic move builds on the company’s strong foundation, backed by more than 40 years of experience in Egyptian market.

CCR Developments

Dr. Remon Taghian, CEO of CCR Developments, stated that the rebrand comes in response to rapid changes in the real estate development sector and the shifting needs and expectations of clients. The new brand and visual identity reflect the company’s transformation from a traditional real estate developer into a fully integrated entity delivering innovative, client-focused solutions.

Taghian added, “The relaunch of our brand and visual identity marks a pivotal moment in the company’s journey. It reflects our commitment to delivering a fully integrated real estate experience built on innovation, quality, and sustainability. The new brand represents a more modern and dynamic spirit that aligns with the aspirations of our clients and partners for the next phase.”

He noted that alongside these developments, the company continues to progress with its ongoing projects. The structural concrete works for Front Gate project in the New Administrative Capital have reached 100% completion. Located in the MU23 area, Front Gate is a promising mixed-use development featuring commercial, administrative, medical, and serviced units, spread across 4,055 sqm.

He pointed out that the company is currently developing Core Mall, located in the New Capital’s R3 area, directly on two main axes, each 70 meters wide. It overlooks the main R3 corridor (70 meters wide), which connects the Sports City, Mohamed Bin Zayed Axis, and the Central Business District.

The project is situated directly on the main road linking R2 and R3, just steps away from the Sports City and only five minutes from the main gate. Core is a commercial and administrative development, with construction currently underway.

He revealed that the company is preparing to announce its latest project, set in a prime location in East Cairo, with full details of this promising development to be unveiled soon.

PALM Secures 7-Figure Pre-Seed Funding to Revolutionize Goal-Based Saving in Egypt

Posted on يوليو 15, 2025 by doha

PALM, Egypt’s first incentivized goal-based savings platform, has officially

announced the successful closing of a 7-figure pre-seed funding round.

The round was led by 4DX Ventures, with participation from Plus VC and several

renowned global angel investors.

The fintech startup is redefining how Egyptians plan, save, and achieve their financial

goals by integrating behavioral finance with embedded investment tools,

making the savings process smarter, personalized, and rewarding.

A New Era for Digital Savings in Egypt

PALM offers a seamless, personalized savings journey that empowers users to reach

both essential and aspirational financial goals—whether it’s saving for education, healthcare,

marriage, travel, or large purchases like electronics and appliances.

The platform utilizes behavioral nudges, goal tracking, and reward mechanisms to encourage

consistent saving. It intelligently allocates funds across diversified asset classes—including

fixed income, equities, and precious metals—maximizing returns and reducing risk.

In partnership with a growing merchant network, PALM also provides exclusive deals,

helping users reduce out-of-pocket expenses while increasing the real value of their savings.

Transforming How Egyptians Save and Invest

Co-founded by Mazen El Kerdany and Ahmed Ashour, PALM brings together expertise in capital

markets, digital finance, and inclusive tech innovation.

Mazen El Kerdany, CEO, is a seasoned investment executive with over $2 billion in assets under

management. His previous roles span across EFG Hermes, Beltone Financial Holding, and Egypt Post’s

investment arm.

Ahmed Ashour, COO, is a technology and finance expert with a decade of experience at Amazon,

Goldman Sachs, and several fintech startups across the EMEA and US markets.

Investor Confidence in PALM’s Scalable Impact

“We’re incredibly grateful to our investors for believing in our mission to transform financial planning

in Egypt,” said Mazen El Kerdany.
“With EGP 8 trillion in bank deposits, EGP 7 trillion in gold, and EGP 70 trillion in real estate,

the capacity to save exists. The challenge lies in the absence of accessible,

goal-aligned investment tools. PALM empowers users to save smarter, with greater

intention and better outcomes.”

The founders emphasize that PALM aligns with Egypt’s Vision 2030, contributing to financial

inclusion, economic resilience, and greater household participation in capital markets.

Backed by Leading Regional and Global Investors

Peter Orth, Co-founder of 4DX Ventures, shared:

“PALM’s approach to financial wellness is both visionary and practical. By turning everyday

spending into meaningful savings, the platform supports wealth creation at scale.

We’re proud to support this mission across Africa.”

Hasan Haider, Founder and Managing Partner of Plus VC, added:

“PALM is pioneering a smarter, more inclusive way for people to manage their money.

The team is solving a real gap in the personal finance landscape and is positioned to become a leading

fintech player in the region.”

What’s Next for PALM?

With this new funding, PALM plans to:

Accelerate user acquisition

Expand its product offerings

Strengthen its network of strategic and merchant partners

Enhance user experience through data-driven innovation

“We are changing how Egyptians save,” said Ahmed Ashour.“Managed investment options today are costly and

inaccessible for many. We aim to make goal-based saving enjoyable, culturally relevant, and personalized—helping

everyone, regardless of income, build a secure financial future.”

Empowering the Mediterranean Through Financial Technology

Looking ahead, PALM aims to expand beyond Egypt, reaching millions across the Mediterranean region.

By combining technology, behavioral insights, and inclusive financial strategies, PALM is not just building

wealth for individuals—it’s creating a resilient financial ecosystem for the future.

Madinet Masr Recognized for Sustainability and Heritage Efforts in 2025

Posted on يوليو 15, 2025 by Fatma abdelhamed

Madinet Masr, one of Egypt’s foremost urban community developers, has been awarded the 2025 Sustainability Award by Amwal Al Ghad, honoring its growing influence in advancing sustainable development and community-focused initiatives.

This prestigious recognition highlights the company’s firm commitment to urban regeneration, heritage preservation, and the promotion of social equity, reflecting a broader vision aligned with Egypt Vision 2030 and the UN Sustainable Development Goals (SDGs).

Buyut Al-Khalifa: A Flagship Heritage Restoration Initiative

The award follows the company’s landmark launch of Buyut Al-Khalifa, a heritage restoration project that aims to revitalize Al-Rukbiyya Street in Historic Cairo—a UNESCO World Heritage Site.

Part of the “Reviving Heritage” pillar under Madinet Masr’s “Cultivating Communities” sustainability strategy, the project focuses on conserving Egypt’s architectural legacy, rehabilitating deteriorating structures, and preserving cultural identity.

A Second Recognition for Sustainability in 2025

This marks Madinet Masr’s second major sustainability accolade this year. Earlier, the company received the “Heritage Project of the Year” award from Invest-Gate for supporting the restoration of Bayt Al-Razzaz’s decorative ceiling in collaboration with the Egyptian Heritage Rescue Foundation—a project that reaffirms the developer’s leadership in cultural preservation.

CEO’s Statement: Building More Than Cities

Eng. Abdallah Sallam, President and CEO of Madinet Masr, emphasized the company’s holistic vision of real estate development:

“This award validates our mission to go beyond bricks and mortar. Sustainability for us is not an option—it’s a guiding principle that shapes how we develop urban spaces, address real human needs, and contribute positively to society.”

A Multi-Pillar Strategy for Social and Environmental Impact

:Madinet Masr’s sustainability framework is built on three strategic pillars

Shelter – Developing inclusive, accessible housing solutions

Reviving Heritage – Preserving Egypt’s architectural and cultural identity

Community Uplift – Delivering philanthropic and social development programs

Expanding Social Impact Through Partnerships and Initiatives

:Madinet Masr’s impact is evident across key areas

Food Security & Humanitarian Aid

.Partnership with the Egyptian Food Bank, distributing food aid to 50,000 beneficiaries in Giza and Qalyubia

.“Together in Goodness” initiative with Al Joud Foundation, delivering 36,000 Iftar meals during Ramadan at Taj City and Sarai

Healthcare Access

.Sponsoring breast cancer treatment through a collaboration with Baheya Hospital

.Launching women’s health awareness campaigns, including free medical screenings for female employees.

Entrepreneurship & Youth Empowerment

Partnership with Orange Corners Egypt, backed by the Embassy of the Netherlands, to support young entrepreneurs—especially in Upper Egypt and the Delta—through mentorship and business training.

Shaping a Sustainable Future Through Community-Driven Real Estate

By merging urban innovation with social responsibility, Madinet Masr continues to redefine the role of real estate developers in Egypt.

Its sustainability initiatives are not only improving the quality of life for communities but also reinforcing a national culture of inclusion, preservation, and long-term development.

Emotional Tributes to Jota and Silva Mark Liverpool’s First Pre-Season Friendly

Posted on يوليو 14, 2025 by maryem

Heartfelt Homage to Fallen Footballers Jota and Silva Dominates Match Atmosphere

Liverpool’s first pre-season friendly saw an outpouring of emotion as the club

paid heartfelt tributes to star forward Diogo Jota and his brother André Silva, who tragically die

d in a car crash on July 3rd in the Spanish province of Zamora.

The somber occasion transformed the friendly fixture into a poignant farewell, highlighting

the deep impact both players had on fans and the footballing world.

A Somber Mood and Fan Love for Porto and Wolves Icons

Before the kick-off of the friendly against Preston North End, the atmosphere at Preston’s stadium

was heavy with sorrow.

Fans movingly sang Elvis Presley’s “Can’t Help Falling in Love,” followed by Liverpool’s timeless

anthem “You’ll Never Walk Alone.”

In a touching gesture, Preston captain Ben Whiteman, visibly emotional,

laid a wreath in front of the traveling Liverpool supporters, demonstrating his club’s solidarity

with the Reds during this difficult time.

The away end was adorned with flags and scarves commemorating the late Portuguese forward,

who previously shone for Porto and Wolves.

As the players walked onto the pitch, the crowd’s voices swelled with Jota’s dedicated chant,

followed by a meticulously observed minute of silence, a profound expression of grief

for the two departed stars.

Liverpool Players’ Farewell Messages to Jota’s Spirit

The tributes extended beyond the pre-match ceremonies into the game itself.

In the 20th minute, the crowd once again erupted in Jota’s chant, a powerful reminder of their enduring

affection for their lost star.

When Conor Bradley opened the scoring for Liverpool, his celebration

was subdued and filled with emotion, as the young full-back looked up to the heavens, a silent farewell

to his teammate’s spirit.

The heartfelt tributes continued when Uruguayan striker Darwin Nunez scored Liverpool’s second goal.

He paid his own homage to Jota by performing two of Jota’s signature celebrations

in front of the Liverpool fans, a powerful affirmation that the Portuguese star’s spirit remains

alive in the hearts of his teammates and the club’s supporters.

New Event Developments Expands into Saudi Arabia with a Luxury Residential Project in Jeddah

Posted on يوليو 13, 2025 by doha

New Event Developments Enters Saudi Market with Launch of Luxury

New Event Developments, a leading real estate developer, has officially launched its first project

in the Kingdom of Saudi Arabia: Sakan View, a premium residential development in Jeddah.

This marks a significant milestone in the company’s regional growth strategy and reflects its confidence

in the strong opportunities driven by Saudi Arabia’s Vision 2030.

With a solid track record of success in Egypt, New Event Developments is now venturing

into one of the region’s most promising and stable real estate markets. The company’s expansion

aligns with its vision of capitalizing on Saudi Arabia’s rapid urban development and investor-friendly ecosystem.

Chairman: Saudi Arabia Offers One of the Region’s Most Attractive Real Estate Markets

Dr. Hamid Al Rajawi, Chairman of New Event Developments, expressed pride in launching the company’s

first Saudi project after more than a year of in-depth research and strategic planning.

“Our decision to enter the Saudi market stems from a firm belief in its status as one of the region’s most stable,

attractive, and profitable real estate investment environments,” he stated. “The Kingdom’s dynamic urban transformation, its position as a hub for major global events, and the legal framework supporting

foreign property ownership have created ideal conditions for international investors.”

Dr. Al Rajawi highlighted that Sakan View in Jeddah has been carefully designed to offer

residents the highest levels of luxury, comfort, and accessibility to essential services.

The project also aims to provide strong returns for real estate investors in Saudi Arabia.

Next Landmark: Major Real Estate Project Planned for Riyadh

Looking ahead, New Event Developments is preparing to unveil its largest project yet in Riyadh,

a move that Dr. Al Rajawi described as a “turning point” in the company’s expansion journey across

the Kingdom. The Riyadh project is expected to further solidify the company’s presence in the Saudi

market and deliver innovative residential solutions that align with modern urban planning trends.

CEO: Global Standards and Smart Technology at the Heart of Every Project

Engineer Mohamed Al-Asry, CEO of New Event Developments, emphasized the company’s commitment

to global quality standards in every phase of the Sakan View project.

He noted that the firm will draw on its years of international experience and will leverage

cutting-edge technologies in real estate development to deliver a world-class product.

Collaborations with top engineering consultants will ensure the project is completed on time and built

to the highest standards of sustainability and smart construction.

Client Satisfaction as a Core Business Strategy

Eng. Al-Asry concluded by reaffirming the company’s commitment to long-term client relationships.

“Fostering lasting partnerships with our clients is central to our strategy. Customer satisfaction

is not just a goal—it is the foundation of every project we undertake.”

Signify and Paragon Collaborate to Advance Green, Tech-Driven Real Estate in Egypt

Posted on يوليو 13, 2025 by Fatma abdelhamed

Signify Egypt, the global leader in lighting innovation, has signed a strategic Memorandum of Understanding (MoU) with Paragon Developments to implement cutting-edge smart and sustainable lighting solutions across all current and future real estate projects by Paragon in Egypt.

This landmark partnership aligns with Egypt’s broader push toward sustainable urban development, leveraging smart building technologies and energy-efficient systems to improve environmental performance, user comfort, and operational efficiency in modern real estate projects.

Energy-Efficient Lighting Solutions to Drive Sustainability

Under the agreement, Signify Egypt will deploy a full ecosystem of IoT-enabled LED lighting solutions, designed to reduce energy consumption by up to 80% compared to conventional systems.

The solutions will also meet rigorous environmental standards, being PVC-free, RoHS-compliant, and fully recyclable—reinforcing Paragon’s mission to align its developments with international green building standards.

“Lighting is no longer just a technical component—it’s a catalyst for transformation in how we live and work,” said Mohamed Saad, CEO of Signify Africa.

“Through this partnership with Paragon, we’re combining innovation, sustainability, and user experience to reshape Egypt’s real estate landscape.”

Training and Digital Integration to Enhance Efficiency

As part of its commitment to knowledge transfer, Signify Egypt will provide technical training and ongoing support to Paragon’s teams to ensure seamless integration and maximum performance of the smart lighting systems.

These efforts will focus on smart workspace design, natural light simulation (Skylight sensors), and 3D-printed lighting components that allow for customization and reduced carbon footprint.

Redefining Real Estate Through Regenerative Design

Commenting on the partnership, Eng. Bedeir Rizk, CEO of Paragon Developments, emphasized the significance of strategic alliances in implementing the company’s regenerative development philosophy—aimed at creating urban ecosystems where work, life, and culture coexist harmoniously.

“At Paragon, we view real estate as a long-term responsibility, not just a construction process,” Rizk stated.

“This collaboration with Signify is a direct expression of our commitment to Egypt’s Vision 2030, integrating sustainable and smart technologies at every stage of development.”

Expanding Smart Lighting Integration Across Mixed-Use Projects

The partnership also includes a roadmap to scale smart lighting systems across a broad portfolio of mixed-use developments managed by Paragon.

Both companies envision expanding the scope of collaboration to include more advanced digital lighting innovations that improve user wellbeing, energy performance, and urban livability.

By uniting Signify’s global expertise with Paragon’s innovative approach to urban development, this MoU represents a forward-thinking model for eco-conscious real estate in Egypt and the wider region.

Qurtuba Developments Expands Portfolio with New Downtown Project in New Capital

Posted on يوليو 12, 2025 by Fatma abdelhamed

Qurtuba Developments, a leading real estate developer in Egypt, has announced plans to launch a new flagship project in the New Administrative Capital, marking a significant step in its expansion strategy aimed at introducing six unique projects across Egypt over the next two years.

Strategic Location in the Heart of Downtown New Capital

According to Ahmed Ewis, Chief Sales Officer at Qurtuba Developments, the upcoming project will be strategically located in the Downtown area of the New Capital. Its proximity to key landmarks such as the Main Towers Axis, Green River, and the monorail station gives the project a prime position with strong investment and tourism appeal.

Ewis emphasized the company’s commitment to selecting premium locations that offer high investment potential and long-term value for clients.

“This project marks a pivotal milestone in Qurtuba’s journey to become a trusted real estate developer offering premium experiences in fourth-generation cities,” Ewis stated.

Supporting Egypt’s Vision for Smart Cities and Tourism

The new launch aligns with Egypt’s national vision to promote smart tourism, enhance hotel infrastructure, and develop integrated communities in the New Administrative Capital. Qurtuba’s expansion is a direct reflection of its robust financial standing, enabling it to tap into emerging urban markets across the country.

Ewis noted, “Our expansion plan is designed to meet evolving client expectations, and this upcoming project reflects our ability to deliver integrated real estate solutions that support sustainable urban growth.”

Project Details to Be Unveiled Soon

:The company will soon release comprehensive information about the project, including

Exact location within the New Capital

Unit types and space offerings

Flexible payment plans

Exclusive investment incentives

These elements are expected to position the project as one of the most anticipated launches in the Egyptian real estate market in 2025.

Qurtuba’s Commitment to Quality and Client-Centric Development

Qurtuba Developments reaffirmed its dedication to delivering high-quality real estate offerings that combine strategic location, innovative design, and value-driven investment opportunities. The company aims to serve a broad segment of clients seeking opportunities in new urban centers like the New Administrative Capital.

Governor of the Central Bank of Egypt Signs Memorandum of Understanding with Chinese Counterpart to Promote Mutual Cooperation

Posted on يوليو 11, 2025 by aberabozaher

, Governor of the Central Bank of Egypt (CBE), signed a Memorandum of Understanding (MoU) with H.E. Mr. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), at the Egyptian Cabinet to boost joint collaboration across various areas of mutual interest. The signing ceremony was witnessed by H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, and H.E. Mr. Li Qiang, Premier of the State Council of the People’s Republic of China, alongside senior officials from both countries.

the Central Bank of Egypt

The MoU includes a cooperation framework through the exchange of information and professional expertise, as well as the training and development of staff at both central banks. The areas of cooperation encompass monetary policy, financial markets, electronic payment systems and services, financial and supervisory technologies, in addition to banknote issuance.

The MoU aims to promote the use of local currency settlements for cross-border financial and trade transactions, while facilitating direct investments between both sides to foster economic integration. It also includes provisions to strengthen cooperation on Central Bank Digital Currencies (CBDC). Additionally, it supports financial innovation using modern technology through conducting joint research and studies, as well as exchanging technical information and expertise.

In this regard, H.E. Mr. Hassan Abdalla, Governor of the CBE, affirmed that “this MoU reflects the evolution of the historic ties between Egypt and China. It demonstrates both institutions’ commitment to strengthening partnerships between their respective financial institutions in light of global economic developments.” He also expressed his optimism regarding “this step, which is expected to elevate economic cooperation to more advanced and effective levels.”

For his part, Mr. Pan Gongsheng, Governor of the PBOC, stated that “the signing of this MoU marks a pivotal step in advancing economic relations between Egypt and China,” emphasizing that “this agreement will facilitate the sharing of best practices and regulatory coordination in both jurisdictions, creating an enabling environment to unlock greater potential of bilateral financial cooperation.”

Egypt and China Deepen Central Bank Cooperation with Strategic MoUs to Boost Financial Integration and Digital Payments

Posted on يوليو 10, 2025 by Fatma abdelhamed

In a significant move to enhance financial cooperation between Egypt and China, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), hosted H.E. Mr. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), and his delegation during an official visit to Cairo. The meeting, held at the CBE headquarters, underscored the strategic and historic relations between the Arab Republic of Egypt and the People’s Republic of China, and aimed to explore mechanisms for deeper central bank collaboration and exchange of technical expertise in the financial sector.

Governor Abdalla welcomed his Chinese counterpart, affirming that the visit reflects the long-standing bilateral ties and provides an essential platform to expand banking cooperation and foster economic stability and sustainable development in both nations.

Strengthening Currency and Banking Ties

During the meeting, both governors discussed critical areas of mutual interest, including the local currency swap agreement, the settlement of payments in local currency, the issuance of Panda Bonds, and linking national payment systems.

Discussions also highlighted the importance of increasing the presence of Chinese and Egyptian banks in each other’s markets and encouraging greater bilateral investment flows.

Signing of Three Strategic Memoranda of Understanding

:The visit culminated in the signing of three Memoranda of Understanding (MoUs) aimed at strengthening joint financial cooperation

:Yuan Promotion in the Suez Economic Zone

An MoU was signed between Suez Canal Bank, China-Africa TEDA Investment Company, and CIPS Company Limited—the operational body of China’s Cross-border Interbank Payment System (CIPS).

This agreement supports the use of the Chinese Yuan (RMB) in the China-Egypt Suez Economic and Trade Cooperation Zone, advancing currency diversification and trade facilitation.

:Expansion of UnionPay in Egypt’s Payment Landscape

UnionPay International, a leading Chinese electronic payments provider, signed an MoU with the Egyptian Banks Company for Technological Advancement (EBC) to bolster Egypt’s electronic payment infrastructure.

The agreement aims to expand the acceptance of UnionPay cards across Egyptian POS terminals and e-commerce platforms.

:UnionPay-Paymob Digital Payment Protocol

A cooperation protocol between UnionPay and Paymob, a prominent Egyptian fintech company, was also signed to promote e-payment acceptance among businesses and digital merchants in Egypt.

Advancing Digital Finance and Economic Integration

These partnerships reaffirm the shared commitment of Egypt and China to enhance their strategic financial partnership, strengthen digital payment systems, and support regional economic integration. By fostering collaboration in financial services, the two nations are paving the way for improved trade relations, investment flows, and progress toward sustainable development goals (SDGs).

Governor of the Central Bank of Egypt Hosts a Delegation from the European Bank for Reconstruction

Posted on يوليو 9, 2025يوليو 9, 2025 by aberabozaher

H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), welcomed a delegation from the European Bank for Reconstruction and Development (EBRD) on Wednesday, 9 July, 2025, at the premises of the CBE, to discuss avenues of strengthening mutual collaboration.

the Central Bank of Egypt

The delegation included Mr. Mark Davis – EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region; Mr. Mike Taylor – Director of Financial Institutions for SEMED; Mr. Hashem Abd El Hakim – EBRD Deputy Head and Head of Financial Institutions for Egypt; and Ms. Dominique Naggar – Principal Banker for Financial Institutions.

The meeting commenced with a welcome for EBRD’s new Managing Director for the SEMED, Mr. Mark Davis, followed by a review of existing cooperation frameworks between the CBE, the banking sector, and the EBRD across various fields.

The discussions prioritized advancing these partnerships, with particular focus on amplifying support for Micro, Small, and Medium-sized Enterprises (MSMEs) – recognized as the fundamental pillars for promoting financial inclusion among all segments of society and driving economic development and sustainable growth. The EBRD delegation commended Egypt’s recent economic reforms, highlighting their positive impact on key economic indicators.