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Banque Misr Signs MOU with CCPIT to Boost Trade

Banque Misr signed a Memorandum of Understanding (MOU) with the Chinese Council for the Promotion of International Trade (CCPIT) for promoting international trade and developing new business opportunities. The deal signed by chairman of Banque Misr Mohamed El Etreby and chairman of CCPIT Jiang Zengwei,, comes as a result of the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) held from September 3-4, 2018. The signing event was attended by a large number of African leaders, the Secretary-General of the United Nations, the Chairperson of the African Union Commission and representatives from international and African organizations. The summit issued the Beijing Declaration -- Toward an Even Stronger China-Africa Community with a Shared Future.

Banque Misr is keen to expand the international activities, especially through Africa which is considered a top priority for the Chinese associations. Banque Misr was chosen among the African-Chinese Banking Alliance, which was established by China Development Bank, to deal with funding problems that hinder sustainable development in Africa.

This alliance is one of the outcomes of the Beijing Summit of FOCAC (Forum on China–Africa Cooperation), and choosing Banque Misr among this alliance is considered to be as a global and regional recognition; twenty African financial institutions were selected from African institutions and banks according to strict criteria and determinants.

As part of Banque Misr strategy to expand its external presence, the bank inaugurated its first representative office in Guangzhou, China, in addition to its branch networks in the Arab Republic of Egypt, Emirates, France, Beijing, Germany, Lebanon, and United Russia.

Moreover, Banque Misr is seeking to strengthen relations with Chinese entities operating in Egypt as well as other institutions seeking to enter the Egyptian market, in addition to Banque Misr role in financing Chinese projects. It is worth mentioning that joining the alliance will give Banque Misr the opportunity to learn about the most important developmental and regional projects in the African continent.