Beijing builds Middle East ties
Egypts President Abdul Fattah al-Sisi and Chinas President Xi Jinping have signed 21 agreements on economic and technological cooperation.
The agreements include Chinese finance for projects in energy, transport, trade, agriculture, housing and civil aviation.
The total value of the agreements is reported to be between $14bn and $17bn.
Chinas central bank signed an agreement to deposit $1bn in the Central Bank of Egypt (CBE).
Egypt is facing a hard currency shortage, after its official reserves fell to cover only three months of imports, which is the minimum acceptable level. Gross official reserves stabilised at $16.4bn in December, according to the CBE.
China Development Bank signed a $700m loan agreement with state-owned National Bank of Egypt, and a further $100m loan to Banque Misr.
MEED recently reported that the Chinese-built and financed projects would include:
- $6.4bn 4.6GW Hamrawein coal power plant (Shanghai Electric)
- $1.2bn light rail project (Avic International Holding Corporation)
- $600m electricity transmission project (State Grid Corporation of China)
- $3bn contract for New Capital project (China State Construction Engineering Corporation/local Petrojet)
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