Egypt Boosts Cooperation with China for Future Developmental Projects Worth $18 Billion
Egypt continues to pave ways to improving international relations.
Egypt and China have reportedly signed an $18 billion investment deal, after President Abdel Fattah Al-Sisi’s participation in the 2018 Forum on the China-Africa Cooperation (FOCAC) Summit taking place from September 3-4 in China.
The agreements entail the development of a pumping and storage station at the Ataqa Mountain of Northeastern Egypt, a power station in Hamrawein, and a textile industrial project and Egypt’s first petrochemicals complex in the Suez Canal corridor zone.
This deal comes under China’s flagship project of the Belt and Road Initiative, which aims to bring the ”ancient silk roads” back to life. "Egypt is convinced that the initiative will create many opportunities for bilateral cooperation, as well as for international and regional cooperation," said Al-Sisi.
“Egypt offers the world the economic zone of the Suez Canal as a logistical and economic center, which will contribute effectively to the development of international traffic, strengthen international trade and offer ample investment opportunities in the fields of transport, energy, infrastructure and commercial services,” he added.
Egypt’s participation in FOCAC is quite significant, since it is an opportunity for the African nation to establish better relations not only with China, but also the other participating African members.
In this year’s summit, a total of 54 African delegations participated, as well as UN leaders, the African Union, and 26 African and International organisations.
Main image from Egyptian Streets.