China & Egypt Sign Agreements to Undertake 15 Projects in Electricity, Transport & Infrastructure Sectors
Following his talks with Egyptian President Abdel Fattah al-Sisi in Cairo on Jan. 20, Chinese President Xi Jinping, in a joint statement with al-Sisi, said:
"The two sides have agreed to undertake 15 projects ... mainly in sectors like electricity, transport and infrastructure. The total investment in these projects is US$15 billion. These projects will offer a new impetus to the economic development of Egypt," Shanghai Daily reported yesterday. Egyptian state television had broadcast the live signing of the agreements at a presidential palace in Cairo in the presence of the two leaders. Thursday, addressing the Arab League at Cairo, the Chinese president touched upon the agreements saying, in Egypt, China has committed $15 billion [us] for capacity cooperation and building infrastructure.
Heralding an era of closer political and economic ties, officials from the two countries signed 21 agreements that could see China significantly ramp up investments in the most populous Arab country, Shanghai Daily noted. The deals span several infrastructure investments, from power generation to the first phase of a new Egyptian administrative capital unveiled last year. They also include a US$1 billion financing deal for Egypt's central bank and a US$700 million loan to state-owned National Bank of Egypt.
Meeting Egyptian President al-Sisi, Xi said China and Egypt had developed a deep friendship based on mutual respect and expressed China's backing for Egypt running its affairs without outside interference.
"What path a country or people chooses cannot be separated from historical and cultural traditions or the reality of economic development," Xi said.