ICEC

Egypt arranges a $1 bln fund from China for sanitation projects

Egypt is currently negotiating for a $1 billion fund from China to finance local sanitation projects, according to Minister of International Cooperation Sahar Nasr.

Nasr added that the government is expected to sign a $500-million agreement with the World Bank to finance industrial zones in Upper Egypt.

Over the past 11 months, the ministry succeeded in managing a total of $11.5 billion in financial inflows to support the country’s economy, with $3.8 billion given in grants to invest in electricity, education and health, Nasr said.

According to Nasr, the ministry’s current portfolio amounts to $22.5 billion.

A total of 500 Chinese businessmen are set to visit Egypt by the end of August to discuss potential investment opportunities in the Suez Canal region.

Chinese President Xi Jinping visited Egypt in January to sign a number of cooperation deals worth $15 billion in the transportation, power generation and civil aviation sectors.

China recently named Egypt as a guest of honour at the upcoming G20 summit, which will be held in early September in China’s Hangzhou.

Overall, Chinese investments in Egypt are worth an estimated $546 million.

source: Ahram Online

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