Egypt-China Business Council Inks 4 Agreements worth $250 million

The Egyptian-Chinese Business Council (ECBC) has signed four agreements worth US$250 million, the Egyptian Junior Business Association (EJB) announced on Saturday.

The 4 agreements related to metallurgical and engineering Industries, in addition to petrochemicals, electric devices, and energy sectors.

EJB also revealed that the ECBC’s members agreed on building two factories for engineering industries in 10th of Ramadan City in addition to a number of stations for new and renewable energy and coal generation. They also agreed on the launch of a phosphate factory, with total investment cost of US$ 150 million.

Meanwhile, EJB pointed out that Egyptian President Abdel Fattah al-Sisi had affirmed to the Chinese party that the Egyptian government had postponed its anticipated economic summit postponed to mid-March to avoid coinciding with the Chinese New Year, since Egypt is highly interested in China’s presence in the event.