Egypt Inks Agreement on 18 Projects Funded by China

Egypt Inks Agreement on 18 Projects Funded by China

The Egyptian and Chinese ministers of trade and industry, along with the ministers of investment, have signed an agreement to research and execute 18 Chinese-funded projects that aim to increase the productive capacity of both China and Egypt, according to Daily News Egypt.

The Minister of Trade and Industry, Tarek Kabil, said that during the cooperation agreement, that was part of the G20 Ministerial Committee meeting that took place in Beijing in July 2016, some planned projects were cancelled and others were introduced. One of the plans that is being explored is the building of a phosphate complex in New Wadi, Egypt.

Other plans include updating and increasing the quality of the Egyptian electricity transmission network and building two new coal-powered electricity generators in Al-Hamrawayn.

All Africa wrote that the projects, that were included during the committee meeting, targeted various sectors in Egypt other than the energy sector; the transport, housing, industry, and communications sectors were all included in the agreement.

The source added that the Chinese-Egyptian relations have been positively developing ever since the Chinese President, Xi Jinping, visited Cairo for the first time in 12 years in January 2016. He signed 20 economic agreements worth $15b of Chinese investments in the country.


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