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China offers $1bn loan for sanitation projects in Egypt

January 12, 2016 at 12:19 pm

Egypt’s Ministry of Housing has signed a memorandum of understanding with Chinese company Juzoba to implement sanitation projects in 260 Egyptian villages, Housing Minister Mostafa Madbouli said yesterday.

“$1 billion will be provided by a Chinese bank as a concessional loan for the implementation of this project,” Madbouli said in a statement.

Juzoba is one of China’s largest construction companies.

Chinese President Xi Jinping in expected to visit complete a state visit of Egypt on 20-22 January. Egyptian officials believe that Jinping’s visit will be an important step for expanding economic and political relations, especially in view of the strategic partnership between the two countries.

During the visit, a number of agreements are expected to be signed for the implementation of joint developmental projects in the fields of electricity, transportation, training, education, anti-desertification efforts, infrastructure and space science.

Trade between the two countries reached around $9.6 billion in September 2015, a 13 per cent rise from the year, data from the Egyptian Economic and Trade Office in Beijing revealed.

Egypt’s imports from China increased in 2015 to reach $8.9 billion. Egyptian exports sold in China reached $936 million, including $485 in petroleum exports alone.