340 Chinese companies invest $600mln in Egypt

340 Chinese companies invested $600 million in various projects in Egypt, according to Chairman of the Federation of Egyptian Chambers of Commerce (FECC) Ahmed el Wakil.

el Wakil made these comments during a seminar entitled:” New  Journey for China Egypt Cooperation in “Belt and Road” construction, held in China Embassy in Egypt in cooperation with Sharaf Foundation for Sustainable Development.

He added that the trade exchange between the two countries has mounted to $11 billion  during the last year with an increase of 24 percent.

Han Bing, minister counselor for economic affairs at the Chinese Embassy in Egypt, said that the last five years has achieved positive results for the fruitful cooperation between Egypt and China in the frame work of “Belt and Road” initiative.

He furher noted that China has agreed to establish seven new projects worth $18.3 billion including the second phase of the Central Business District in the New Administrative Capital.