Egypt Signs $18 Billion Worth Contracts With Chinese Investors

Published September 3rd, 2018 - 08:07 GMT
President Sisi at the signing of the economic agreements with Chinese companies in Beijing on Sunday (Photo: Egyptian Presidency)
President Sisi at the signing of the economic agreements with Chinese companies in Beijing on Sunday (Photo: Egyptian Presidency)

Egyptian President Abdel-Fattah El-Sisi witnessed on Sunday in Beijing the signing of a number of contracts with Chinese companies to implement development projects in Egypt with an investment worth of $18.3 billion.

"The contracts signed include the construction of the world's biggest power plants in Al-Hamrawein region on Egypt's Red Sea coast, which will be powered by clean coal technology, and with a production capacity of 6000 Megawatts," Egypt's Presidential Spokesperson Bassam Rady said.
 
The contracts include stage two of central operations in the new Administrative Capital, the construction of a petrochemical refinery plant in the Suez canal zone, and a pumping and storage plant in Ataqa mountain. 
 
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They also include the construction of Shaodong Roi textile complex, and a Tai Chan plant for gypsum panels.

1
Minister of Electricity Mohamed Shaker (L) at the signing ceremony
 
2
Head of Suez canal Authority Mohab Mamish at signing ceremony
 
3
Minister of Investment and International cooperation Sahar Nasr (L) at signing ceremony
 
President El-Sisi is on a three-day official visit to China, heading a top level official delegation to attend The Forum on China–Africa Cooperation FOCAC 2018, which will be held in Beijing on Monday. 
 
Earlier on Sunday, the Egyptian President held a meeting with the CEO's of major Chinese companies working in Egypt.
 
Also on Sunday, the Egyptian President told students at the Chinese Communist Party Academy that Egypt highly commends China for its success in construction and development, calling for the use of China's expertise to achieve desired development in Egypt. 
 
President Sisi was officially received by his Chinese counterpart Xi Jinping at the Great People's Hall in Beijing on Saturday.
 

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