EGAEF Negotiates With China Over $ 250m loan

Egyptian General Authority for Exhibitions and Fairs is going to continue negotiations in April with China, over the US$ 250 million loan allocated to establish Cairo Expo City, a city for forums.

Ahmed El-Dib, chairman of EGAEF, said that Cairo Expo City Project, which is being established in Fairs Ground,  was cancelled by the former governor of Cairo, Abdel Azim Wazir, before the 25th of January revolution. However, Wazir decided to resume the project after the revolution.

The cost of the engineering plans and designs for the Project was US$ 700 million. China’s Export and Import Bank promised earlier that it will offer Egypt a soft loan in value to US$ 250 million to finance the project. The remaining cost will be provided through soft loans and grants from other banks because of Egypt’s unstable circumstances.

China expressed its willingness to resume the negotiations over the loan offered to finance the Project. El-Dib noted that the EGAEF ended 90% of the designs after an international bid in which the Arab architect Zaha Hadid won.