Bank of China recently hosted the "Discover the China-Egypt TEDA Cooperation Zone, RMB International Use Promotion Event" in Egypt. 

The event coincided with the 70th anniversary of diplomatic relations between China and Egypt and was an important step for BOC to deepen financial cooperation between the two countries.

The event addressed enterprises' practical needs for RMB in cross-border operations within the China-Egypt TEDA Suez Economic and Trade Cooperation Zone. It aimed to help enterprises understand how to use RMB and further expand its use in cross-border trade, investment, and financing.

Focusing on enterprises' cross-border operational needs, BOC Dubai Branch systematically explained how RMB can be used in cross-border trade settlement, deposits, loans, exchange rate risk management, and cross-border fund management. Leveraging BOC's global service network, RMB clearing advantages, and diversified cross-border financial products, the branch provided enterprises in the cooperation zone with comprehensive financial solutions through BOC's service mechanism with global expertise accessible at any point of contact.

BOC Tianjin Branch participated in the event online. It introduced cross-border financial services such as Free Trade Non-resident (FTN) accounts to enterprises in the cooperation zone, based on financial innovation practices of the China (Tianjin) Pilot Free Trade Zone. These services further expanded channels for enterprises to coordinate domestic and overseas funds and manage cross-border funds.

As a key project under the Belt and Road Initiative jointly pursued by China and Egypt, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone serves as an important platform for Chinese enterprises going global and deepening international industrial capacity cooperation.

In recent years, leveraging its overseas branches and institutions covering key regions in Africa, BOC has continued to expand RMB use cases in Egypt, implementing a series of benchmark projects to promote bilateral financial cooperation as well as economic and trade development between China and Egypt.

• BOC took the lead in assisting Egypt in issuing an RMB 3.5 billion sustainability Panda Bond, marking the first Panda Bond issuance by an African issuer. The Panda Bond was also the first sovereign Panda Bond for sustainable development, as well as the first sovereign Panda Bond adopting a guarantee structure.
• BOC established stable financing cooperation with Egypt's largest telecom operator and implemented an RMB export credit project with Telecom Egypt, supporting upgrades to local digital infrastructure and improvements in communications services for residents. 
• BOC opened the first RMB-denominated FTN account for an overseas enterprise in Egypt, marking the first extension of the RMB financial services network for FT accounts in the China (Tianjin) Pilot Free Trade Zone into Egypt. This reduced the enterprise's financial costs for overseas operations and enhanced the centralized management of its global funds.