NBE to chair China-Arab inter-Bank alliance 2nd meeting mid-2020

CAIRO - 19 September 2019: National Bank of Egypt (NBE) Chairman Hisham Okasha said his bank is due to chair a second meeting of the China-Arab Countries Inter-Bank Association, set to be held during the second half of 2020 in Egypt.

The decision was made during a meeting grouping senior officials of the banks taking part in the alliance which was held in the Chinese city of Yinchuan, the capital of Ningxia Hui autonomous region, a statement issued by the NBE on Wednesday read.

The alliance, which was established in July 2018, comprises China Development Bank (CDB), NBE, Lebanon’s Fransabank, Morocco’s BMCE bank and First Abu Dhabi Bank (FGB).

The banking consortium aims to foster cooperation between the CDB and Arab banks in various economic fields, especially in the domains of energy, infrastructure, electricity, telecommunication and industrial complexes with the aim of benefiting all member banks.

The first session of the inter-bank association, which was held in China, set a framework for cooperation among the alliance banks throughout the coming period with the aim of establishing stable and long-term financial relations, NBE chairman Okasha said.

A bid by the NBE to host the second session, scheduled for the second half of 2020, was unanimously approved by the attendees of the first session, making the NBE the first bank to chair the inter-bank association meeting held outside China.

Okasha believes that naming Egypt the host country of the upcoming session underscores the positive economic growth observed nationwide, thanks to the economic reform program and relevant measures adopted by the county.

It also reflects trust of the international institutions in Egypt's economy along with the pioneering role of the NBE in backing the country's economic measures, Okasha added.