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Egypt strikes deal for greater investment from China

Egyptian President Abdel Fattah Al-Sisi (L) and Chinese President Xi Jinping (R) shake hands during their meeting at the Great Hall of the People in Beijing, China on 1 September, 2018 [Egyptian Presidency Handout/Anadolu Agency]
Egyptian President Abdel Fattah Al-Sisi (L) and Chinese President Xi Jinping (R) shake hands during their meeting at the Great Hall of the People in Beijing, China on 1 September, 2018 [Egyptian Presidency Handout/Anadolu Agency]

Egypt signed a number of agreements and contracts with Chinese companies for new projects worth $18.3 billion, Egyptian Presidential spokesman Bassam Rady said in a statement.

The projects include the construction of a pumping and storage station in the Mount Ataka area in northeastern Egypt, and a power station in Hamrawein.

Rady added that the Chinese investments will also include a textile industrial project as well as a refinery and a petrochemicals complex in the Suez Canal corridor area.

The deals were signed during Egyptian President Abdel Fattah Al-Sisi’s meeting in Beijing with the heads of major Chinese companies that operate in Egypt.

READ: Egypt credit rating boosted to ‘positive’

Al-Sisi is in Beijing to participate in the China-Africa Cooperation Forum. He arrived in the Chinese capital on Saturday on a four-day visit.

More than 1,500 Chinese companies operate in Egypt. They include 702 in the industrial sector, 432 in the services sector, 70 in construction, 79 in communications and information technology, 47 in agricultural investments, and six companies in the tourism sector.

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