Egypt: Chinese invest $10M in 15 infrastructure projects

Published June 17th, 2015 - 01:08 GMT
Al Bawaba
Al Bawaba

A total of 15 projects worth $10m will be implemented in cooperation with China, Minister of Foreign Trade and Industry Mounir Fakhry Abdel Nour announced during a press conference Monday.

Abdel Nour added that the signing of financing contracts for these projects will take place according to a timetable starting by the end of this month, and ending next September. He also said that the agreement comes in the context of the strategic partnership between Egypt and China.

The agreement includes five projects in the electricity sector, four of which have long term financing with facilitated conditions, while the fifth project is financed by Chinese direct investment. In addition, six projects in the transportation sector are funded by the Export-Import Bank of China, whereas the remaining four projects are Chinese direct investments.

The transportation sector projects include the establishment of a railway from Cairo, 10th of Ramadan City to Bilbeis in Sharqeya governorate, with financing from the Export-Import Bank of China, to improve the Egyptian railway’s efficiency.

This is in addition to a project for the electrification of the Alexandria-Abu Qir railway line, and a project to develop a wharf at Alexandria Port, alongside the establishment of a multi-purpose station there.

On the other hand, the electricity sector projects include a power plant to servethe Attaka, Oyoun Moussa, and El-Hamrawein zones, as well as a project to improve the electricity transmission network.

Other projects include a Chinese project to produce fibreglass in Ain Sokhna, the Chinese zone’s expansion in the northwest of the Gulf of Suez, as well as a project to manufacture leather and another for manufacturing tires.

The total number of Chinese investors working in Egypt has reached 1,195 companies, with total investments worth $535m.

By Rana Yehia 

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