China to implement 18 projects in Egypt

Egypt and China inked Tuesday a cooperation agreement on studying and executing 18 projects in power, transport, housing, industry and communication fields within the coming period.

The agreement was signed by Egyptian Trade Minister Tarek Qabil and Investment Minister Dalia Khorshid -from the Egyptian side- during the meeting of Chinese-Egyptian Joint Ministerial Committee held in Beijing.

Both sides agreed on the list of high-priority projects that would be implemented in Egypt in cooperation with the Chinese side.

Qabil stated that the agreement is a significant improvement in mutual relations between Egypt and China as the 18 projects encompass industrial investment projects in fields of textiles, electronics, fodders, in addition to establishing phosphate complex in New Valley governorate.

 On other side, Minister Khorshid asserted that the signed agreement paves the way for attracting more Chinese investments to Egypt.

She added that the negotiations was positive and flexible as the Chinese side agreed to Egypt’s demands related to perioritising projects beside focusing on the investment ones.

The Egyptian and Chinese sides also agreed on establishing textile zone, the governmental buildings in the New Administrative Capital City besides developing Ain Sokhna port.

The minister pointed out that the agreed upon projects would create more new job opportunities .

Khorshid stated that both sides discussed the potential that Chinese financial organisations could approve more guarantees for Chinese firms to boost their investments in the Egyptian market within the upcoming period.