China’s $24.3 million non-refundable Grant to Egypt endorsed – Cabinet

The Egyptian cabinet ratified Wednesday a bilateral trade agreement on technical and economic cooperation between Egypt and China which was signed on December 23, 2014.

The agreement stipulates that Chinese government shall grant Egypt a non-refundable grant 150 million yuan or around US$24.3 million to fund Egyptian developmental projects. In return, the agreement would contribute to bolstering the friendship bonds and economic as well as technical cooperation between the two countries.

Elsewhere, the cabinet approved to task Isozaki, Aoki & Associates with carrying out the second phase of the consulting works to design the engineering structure and the buildings of Egypt – Japan University of Science and Technology at total cost of US$2.875 million.