Posted on June 24, 2015
Five of the projects will be in the energy sector, including a power station near the port of Ataqa at the southern end of the Suez canal and work to improve the transmission network.
Another six will deal with transport, in particular an urban railway in north-east Cairo, the expansion of the port of Alexandria, and the electrification of the line that connects that city with the bay of Abu Qir.
A further four schemes will involve direct Chinese investment. These include factories to produce leather, fibreglass and tyres.
Under the terms of the deal, the
The agreement represents a huge acceleration in Chinese investment in Egypt. Up until now, the total investment from China in the Egyptian economy was about $535m.
The move is the first result of Egyptian president Abdel Fattah el-Sisi’s trip to
Sisi also promised that Egypt would seek Chinese investment in its $8.5bn
It was announced last week that the new Suez canal will open on 6 August.
The work, which is being overseen by the Egyptian army, is being carried out by the National Marine Dredging Company of the United Arab Emirates, Dutch companies