Signing Final Contract With China’s TEDA Is Due April-End: Egypt’s Official

Dr Waleed Abdel Ghaffar, Advisor to Minister of Transport, has announced about signing the final contract to settle the problem of the Chinese company of TEDA before the end of April.

The Advisor mentioned that the company has been working in Egypt since 2009; affirming that signing the contract will help the Egyptian economy and working towards attracting more investments.

The TEDA Company, which both of the Egyptian and Chinese governments own, decided in 2009 to invest in the economic area in North West Suez Gulf, about $60 million, by  the China-Africa Development Fund, which was founded in 2007, according to a signed agreement between the two sides in 2008 but the project was suspended.

The final contract was supposed to be signed in the wake of President Morsi’s visit to China through injecting $ 1.5 billion by the Chinese Company of TEDA. These investments should be oriented to construct 150 factories to provide 40.000 job opportunities.