China, Egypt Sign Deals Worth $15b
World Economy

China, Egypt Sign Deals Worth $15b

Chinese President Xi Jinping has signed a number of business deals worth billions of euros with Egypt as part of a regional tour aimed at bolstering Beijing’s economic ties and clout in the Middle East.
Following talks with Egyptian President Abdel Fattah al-Sisi in Cairo on Thursday, Xi Jinping signed 21 deals worth about $15 billion, mainly in sectors like electricity, transportation and infrastructure, DW reported.
In addition, China provided a $1-billion financing agreement for Egypt’s central bank and a $700-million loan to state-owned National Bank.
Highlighting the agreements as “a new impetus to the economic development of Egypt,” Sisi said the joint projects were the “best evidence of the two countries’ determination to improve their levels of cooperation.”
In an article in the state-run newspaper Al-Ahram ahead of his visit, Xi had expressed China’s backing for Egypt running its affairs without outside interference.
“China supports the people of Egypt in making independent choices for the future of their own country,” he said. He also said China supported Egypt “playing an active role in regional and international affairs.”
Egypt has struggled to restore growth since the 2011 uprising ushered in a period of political instability that scared off tourists and foreign investors, key earners of foreign currency.

 ‘Silk Road’ Investment
Beijing has long taken a backseat to other diplomatic players in the Middle East, but analysts say the region is crucial to Xi’s signature foreign policy initiative known as “One Belt One Road” and touted as a revival of ancient Silk Road trade routes.
Speaking at a news conference with Sisi, Xi said 32 Chinese companies were now working in the Suez Canal economic zone, investing more than $400 million and these figures would rise to 100 firms and $2.5 billion with the next phase of the project.
China, the world’s second-largest economy, also relies heavily on oil and gas imported from the energy-rich Middle East.
Xi arrived in Egypt from Saudi Arabia where he met with King Salman and oversaw the opening of a joint-venture oil refinery in the Yanbu Industrial City on the Red Sea. Saudi Arabia is China’s biggest global supplier of crude. The Chinese leader was to arrive in Tehran on Saturday.

Short URL : http://goo.gl/WlX0RM
  1. http://goo.gl/sVLyaG
  • http://goo.gl/IRY4JB
  • http://goo.gl/fkUoM2
  • http://goo.gl/JZikRm
  • http://goo.gl/DYaurJ

You can also read ...

Shifting transactions from cash to digital payments holds great promise for  individuals, businesses and governments.
More than 23% of the world's economy operates out of sight of...
India Launches 888 Anti-Dumping Probes
The Indian government has initiated as many as 214 anti-...
Federal Reserve Board Chairman Jerome Powell speaks during a hearing before the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chairman Jerome Powell said protectionism...
Fitch Retains Philippine  Debt Rating
Global debt watcher Fitch Ratings kept the Philippines’...
The warnings come amid a period of financial uncertainty for the world.
US officials who helped the country survive the 2008 financial...
EU to Fine Google $5 Billion
Google will be fined about €4.3 billion ($5 billion) by the...
UN to Help Rebuild Gaza Economy, Create Jobs
Against the backdrop of rapidly rising tension, violence,...
Africa Next Frontier for Crypto
Cryptocurrency is not bound by geography because it is...