Chinese Investors Show Interest In Infrastructure Ahead Of Al-Sisi’s Visit

Representatives of Chinese companies have expressed interest in infrastructure sector projects during the visit of several Egyptian ministers to China, according to a Ministry of International Cooperation statement Wednesday.

Minister of International Cooperation Naglaa Al-Ahwany, Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour, Minister of Electricity Mohamed Shaker and Minister of Transportation Hany Dahy, travelled to China to prepare for the visit of President Abdel Fattah Al-Sisi, scheduled to be held in December.

The visit, which started on Monday, is expected to last for four days, with the ministers holding meetings with Chinese officials. They proposed a number of projects, which Al-Sisi will further discuss during his visit.

The visit aims to discuss project opportunities with Chinese counterparts, whether current, funded under the theme of the developmental programmes between both countries, or proposed.

The Egyptian embassy in Beijing has organised a seminar on Tuesday to present investment opportunities in the fields of housing, transportation, communication and information technology, agriculture, health, and electricity.

Seminar attendees were representatives of Chinese companies working in the sectors, where they expressed interest in infrastructure sector projects.

After the seminar, the Egyptian ministers held meetings with the executives and representatives, where they showcased the strategies of each ministry in the coming years and Egyptian investment regulations.

In November, a Chinese presidential envoy announced China’s intention to establish a “comprehensive strategic partnership” with Egypt, to be announced during Al-Sisi’s visit.

The Egyptian government announced in September the formation of a new cabinet committee. It will be entrusted with increasing Chinese investments in Egypt and following up on China’s participation in the country’s new development projects.

Egypt and China have an active economic relationship, with both countries’ governments signing an economic and technical agreement in March. The agreement will allow access to a $24.4m non-refundable grant to fund development projects in Egypt.

For three years starting in 2013, China agreed to give Egypt CNY 150m ($24.4m) to support social and economic projects, according to the statement.

Following the January 25 Revolution, China granted Egypt $48.9m to support the state’s security system, finance projects in education and agriculture sectors, and train workers in the railway and small and medium enterprises sectors.

The total value of Chinese development aid programmes in Egypt amounts to $120.3m in non-refundable grants and $304.5m in concessional loans. These programmes have helped in financing development projects in Gulf of Suez, Suez University, 6th of October and Menufiya.

Source: Daily News Egypt