Egypt Independent

Sisi, Jinping sign 21 MoUs on infrastructure, energy

President Abdel Fattah al-Sisi and China's Xi Jinping signed on Thursday a cooperation deal involving 21 MoUs at al-Qubba Presidential Palace, where the guest received a red-carpet welcoming.
The deals, announced by both presidents in a press conference, cover several fields, most notably Chinese financing and contribution to Egypt’s planned New Administrative Capital, as well as energy.
The acting Chinese ambassador in Cairo announced on Tuesday that the two sides were expected to sign agreements on projects worth US$10 billion.
On Thursday, Sisi and Xi also unveiled a maquette of the second phase of a Chinese industrial zone in Suez.
The Central Bank of Egypt also signed on Thursday with China to receive a US$1 billion to shore up its foreign reserves.
Edited translation from Al-Masry Al-Youm