The People's Bank of China (PBOC) and the Central Bank of Egypt have renewed their bilateral local currency swap agreement, the PBOC said on Wednesday.
The scale of the swap facility has been expanded from the previous 18 billion yuan (2.65 billion U.S. dollars) to 30 billion yuan.
The agreement is valid for three years and can be extended upon mutual consent of both sides.
The PBOC stated that the renewal of the agreement and expansion of the swap scale will help deepen bilateral monetary and financial cooperation, expand the use of local currencies between China and Egypt, facilitate bilateral trade and investment, and maintain financial market stability.
Chinese, Egyptian central banks renew bilateral local currency swap agreement
Chinese, Egyptian central banks renew bilateral local currency swap agreement
Chinese, Egyptian central banks renew bilateral local currency swap agreement
In a vibrant display of national pride, a neighborhood in Sao Paulo has transformed its street into a massive canvas ahead of the 2026 FIFA World Cup, painting the asphalt in the bold green, yellow, blue, and white of the Brazilian flag.
Overtaken with excitement for the upcoming tournament, residents organized the massive art project themselves, raising 2,000 reais (about 387 U.S. dollars) to buy paint, brushes, and colorful streamers.
Aldecir Santos, who designed the patterns on the streets, said he gathered input from neighbors on how the street should be painted. Together, they settled on a plan that everyone agreed was the best.
"We decided together on the designs and where to put them. Those ones over there, and the World Cup trophy -- my son painted those. The Brazilian flag and the World Cup mascot -- a neighbor named Kaua did those. Basically, everyone had a hand in it," he said.
Neighborhood street decorations to welcome the World Cup are a tradition that goes back decades in Brazil. On this street in Sao Paolo, Brazil's largest city, adults encouraged children to take part in the painting, hopeful that the next generation will continue the spirited practice.
Jonathan Costa Ferreira, who was put in charge of buying the decorating supplies, said the local kids often stopped by after school to ask how they could help.
"We all agreed with the neighbors that the kids should be part of this. That way, they'll have memories of the World Cup. They'll learn that it comes around every four years, how much soccer means to us, and how everyone came together to make our neighborhood look so bright and beautiful," he said.
Sao Paolo neighborhood paints street in national colors as World Cup fever builds
