Sisi attends signing of deals worth $18.3B with Chinese firms

Egypt and China signed Sunday deals worth 18.3 billion dollars to carry out different Chinese development projects in the North African country.

President Abdel Fatah al-Sisi witnessed the signing ceremony with major heads of Chinese companies operating in Egypt, presidential spokesperson Bassam Radi said.

Sisi stressed the depth and strength of the Egyptian-Chinese relations, which hold the oldest two civilizations in the man history. The Egyptian-Chinese friendship was embodied in inking comprehensive strategic collaboration on all levels, according to Radi.

The Egyptian president showed his interest in meeting with key Chinese businessmen and economists, in order to enhance economic and trade cooperation, and offering them investment opportunities in Egypt. He praised the Chinese development experience in East Asia area region.

The president reviewed Egypt’s economic reform and the challenges it faced over the past years, and how it positively impacted the investment chances. He asserted that Egypt’s development priorities comply with the Belt and Road Initiative announced by Chinese President Xi Pinjing in 2013.

The deals included the construction of a power plant using clean coal technology with capacities of up to 6000 megawatts in Al-Hamrawain on the Red Sea coast, constructing the 2nd phase of central work at the New Administrative Capital, Project of pumping station and storage at Mount Ataka, Shaundong Rui Textile Group Area Project, and other development projects at Suez Canal Axis.

Sisi and his Chinese counterpart Xi Jinping witnessed Saturday five cooperation deals inked in various fields between both countries in Beijing.

This comes on the sidelines of the Egyptian leader’s visit to Beijing, to attend the China-Africa Forum currently taking place.

The deals tackle several domains, including the industrial quality, a Chinese loan, and cooperation in projects such as the electric train, along with a grant for manufacturing an Egyptian satellite.

Egypt Today Contribution Time: 03-Sep-2018 14:12 (GMT)
Egypt Today Last Update Time: 03-Sep-2018 14:12 (GMT)