Africa, Asia - Pacific

Egypt, China sign slew of economic deals

Chinese investments in Egypt surpassed $500 million in 2014

Egypt, China sign slew of economic deals

By Mohamed Sabry


Egypt and China signed a slew of economic agreements Thursday, including $1.7 billion in loans to Egyptian banks.

Chinese President Xi Jinping arrived in Cairo on Wednesday as part of a regional tour that includes Saudi Arabia and Iran.

Addressing a joint press conference in Cairo, Egyptian President Abdel-Fattah al-Sisi said the deals between Cairo and Beijing reflect their keenness to bolster cooperation.

The signed agreements span from energy and power generation to the establishment of the first phase of a new Egyptian administrative capital unveiled last year.

They also include a $1 billion financing agreement for Egypt's central bank and a $700 million loan to state-owned National Bank of Egypt.

"China supports Egypt's efforts to maintain stability, develop the economy and improve livelihoods, and supports Egypt to play an even greater role in international and regional affairs,” Xi said.

Egypt has been scrambling to lure investments to shore up its economy, which has been ravaged by five years of political turmoil since a popular uprising unseated autocrat President Hosni Mubarak.

Egypt has received billions of dollars in aid from its Arab allies since the military ousted President Mohamed Morsi in a 2013 coup.

Chinese investments in Egypt surpassed $500 million in 2014.

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