The Central Bank of Egypt and China's Central Bank signed an Egyptian pound-Yuan currency swap agreement worth 18 billion yuan.

The duration of the agreement is three years. It could be extended by the two parties. 

In a statement on Tuesday, CBE said that the agreement reflected the depth of ties between Cairo and Beijing, in addition to China's support for the Egyptian economic reform program. 

The deal also complemented a raft of measures taken by Egypt that aimed at unleashing the enormous potentials of its economy, the statement added.