Egypt, China ink debt swap MoU to finance development projects

Egypt and China have signed a debt swap memorandum of understanding (MoU) on Thursday, to fund development projects, according to a statement by the Egyptian Cabinet.

The agreement came on the sidelines of the third edition of the Belt and Road Forum which was held in Beijing between 17 and 18 October.

The agreement was signed by Egypt’s ministre of International Cooperation, Rania Al-Mashat and CEO of China International Development Cooperation Agency, Luo Zhaohui.

Cooperation with China has spiked since Egypt was invited to join the BRICS in August.