Egypt Independent

Egypt-China business council to launch investments in Egypt worth $250mn

The Egyptian Chinese Business Council signed four agreements at a total cost of US$250 million in engineering, metal, petrochemical, electrical equipment and energy industries, according to a statement from the Egyptian Junior Business Association.

The association said its representatives at the Egyptian Chinese Business Council have agreed with the Chinese side on the establishment of two engineering factories in 10th of Ramadan City. They agreed to set up a number renewable energy projects as well as a phosphates chemical plant at a total cost of $150 million.

President Abdel Fattah al-Sisi has confirmed to the Chinese side that the Egyptian government has postponed the joint conference initially scheduled for February to March, due to New Year celebrations in China.

Supply Minister Khaled Hanafy announced Thursday that Sisi signed 26 agreements for investments with China worth $60 billion, explaining that it included eight transportation sector agreements, 13 in the electricity field, three in tourism and two in the supply field.