The Central Bank of Egypt (CBE) said it had signed a memorandum of understanding with the Central Bank of the UAE (CBUAE), with the aim of cooperating to combat money laundering and financing terrorism.
The agreement allows for the strengthening of joint surveillance and information exchange between the two banks in order to facilitate the supervision tasks and the role played by both sovereign institutions in ensuring financial stability.
Under the recently concluded accord, the CBE and the CBUAE will define mechanisms for cooperation and information exchange in the field of licensing, ownership structure of licensed financial institutions, licensing acquisitions, and inspection of licensed financial institutions.
The memorandum of understanding signed by the two parties is expected to achieve bilateral cooperation between Egypt and the Emirates in the field of banking and financing and further fortify the strong relations between the two states.
Khaled Mohamed Balama, governor of the CBUAE, said: "The signing of the memorandum with the Central Bank of Egypt will allow us to comply with best international practices in supervising cross-border banking operations."
Egypt and the UAE have established close ties in various fields, as Abu Dhabi is considered one of the most prominent supporters of the regime of Egyptian President Abdel Fattah Al-Sisi.