Chinese president arrives in Cairo to boost bilateral relations

Chinese President Xi Jinping arrived in Cairo on Wednesday for a two-day visit to Egypt to discuss bilateral cooperation with President Abdel-Fattah Al-Sisi, marking the Chinese president’s first visit to the Middle East in 10 years.

The two leaders will sign Thursday a number of economic agreements, including one on civil aviation, several electricity projects and an agreement on the to-be constructed of Egypt’s new administrative capital.

The two presidents will hold a press conference on Thursday at Kasr El-Kobba Palace in Cairo, according to the Egyptian presidency.

Xi will visit Egypt’s parliament on Thursday where he will address the newly elected House of Representatives, and will give another speech at the Arab League headquarters in Cairo.

He will also attend the launch of the second phase of the Egyptian-Chinese commercial and economic project in Ain El-Sokhna on the Red Sea.

China has vowed to invest in Egypt’s Suez Canal axis development project; lend the Central Bank of Egypt $1 billion dollars to bolster Cairo’s dwindling foreign reserve; $700 million to the National Bank of Egypt; and $100 million to Banque Misr in order to fund small and medium-sized projects.

source: Ahram Online