The General Authority for Investment and Free Zones (GAFI)’s Chairperson, Mohammed Khudair, stated that China’s Beijing Enterprises Group is expected to pump investments into Egypt under the government’s framework of Sustainable Development Strategy, reported Daily News Egypt.
Officials with the Chinese firm presented their work in the fields of petrochemicals, fertilizers, propylene, urea, natural gas, water treatment, solid waste, power generation, as well as the construction of smart industrial cities. Yet, Khudair added that Egypt is mostly interested in the investment opportunities that will serve its strategy in the areas of infrastructure, water desalination plants, and power generation from solid waste.
Khudair concluded that GAFI is ready to support the group in terms of simplifying the establishment of companies and the coordination with all other governmental bodies to obtain the necessary approvals and permits for projects.
China ranks 23rd in the list of countries investing in Egypt. The number of Chinese companies working in the country amounts to 1,226 firms, with total investments reaching $500m.
In related news, on the sidelines of the Euromoney Egypt conference, Deputy Minister for Economic Affairs, Shehab Marzban, had confirmed that China showed readiness to provide a $4b loan to fund Egypt’s renewable energy strategy.