Egypt, China sign agreement to implement 15 projects worth $10bn

Egypt and China signed a framework agreement to implement 15 projects worth 10 billion dollars.

The projects aim to boost bilateral industrial and investment relations in electricity, petroleum, natural gas, railways, highways, ports, mining, construction materials, chemical and optical industries, textile, electrical appliances and other fields.

This came during a press conference that was held on Monday on the sidelines of the two-day meetings of the Egyptian-Chinese joint technical committee.

Minister of Trade and Industry Mounir Fakhry Abdel Nour and Investment Minister Ashraf Salman led the Egyptian team at the meetings with the participation of representatives from finance, electricity, transportation and international cooperation ministries.

The projects include the establishment of three power plants, railways linking east Cairo with 10th of Ramadan City, multi-purpose station in Alexandria port and trains, glass and leather factories and also developing Alexandria-Abu Qir railways.

Abdel Nour said that a number of Chinese banks will finance the projects, adding that a joint committee will be formed to follow up the implementation of the projects as well another consulting committee that includes a number of companies from both countries to discuss implementing more joint projects.