China eyes transport and electricity investment in Egypt
- Egypt-China sign $10bn agreement
- Projects focus will be transport and electricity
Egypts Trade Ministry has announced the signing of initial agreements with Chinas Export-Import Bank of China for 15 projects totalling $10bn.
Trade Minister Mounir Abdel Nour says the financing agreements will be finalised between June and September this year.
It is understood the focus will be on electricity and transport, with a spokesperson from the ministry telling MEED that China will finance six transport projects, including the construction of a new rail link.
In March, MEED reported that Chinas Commerce Minister Gao Hucheng said during the opening addresses at the Egypt Economic Development Conference in Sharm el-Sheikh that he wanted to strengthen trade and economic ties with Egypt.
Hucheng said China was ready to intensify cooperation, outlining to delegates areas in which the two countries could cooperate.
He said Chinese companies were keen to invest in and work on infrastructure projects in Egypt in the energy and transport sectors, including high-speed rail and aviation.
China has previously cooperated with Egypt on the development of the China-Egypt Suez Economic and Trade Cooperation Zone. To date, there 30 Chinese companies with operations in the free zone.
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