Sisi to attend forum on ‘Belt and Road Initiative’ in Beijing

CAIRO - 24 April 2019: President Abdel Fatah al-Sisi headed on Wednesday to Beijing to attend the Belt and Road Forum for International Cooperation (BRFIC), and hold bilateral meetings on the sidelines with Chinese President Xi Jinping and other chiefs of state.

Before his departure, the President laid two wreaths at the Unknown Soldier Memorial and the tomb of late President Anwar al-Sadat as April 25 marks the 37th anniversary of Sinai Liberation. Sisi was accompanied by Minister of Defense Mohamed Zaki, Chief of Staff Mohamed Farid, House of Representatives Speaker Ali Abdel Aal, Prime Minister Mostafa Madbouli, Minister of Interior Mahmoud Tawfik, and Grand Imam Sheikh Ahmed al-Tayeb.

The president has paid five state visits to China since he came to power mid-2014. In March, President Sisi and Chinese Minister of Defense Wei Fenghe discussed in Cairo the Belt and Road initiative. The Belt and Road Initiative was launched by the Chinese government to enhance trade, investments, and infrastructure in more than 150 countries in Asia, Europe, Middle East, Africa, and Latin America. The initiative is a revival to what was known as “The Silk Road.”

President Sisi affirmed that the Belt and Road Initiative is complementary to Egypt’s development efforts to attract more investments and build new megaprojects across the country, including the Suez Canal Corridor, logistic industrial zones, and new ports on the Red Sea and the Mediterranean Sea.

Chinese exports to Egypt hit $11 billion in 2018 against imports worth just $1.8 billion. On Monday, Cairo Chamber of Commerce received a delegation from Tong'an City, China Tuesday. The delegation, headed by Zhang Guazi, includes more than 22 specialized companies in various fields including technology, mobile and electronic industries.

The second edition of BRFIC is taking place on April 25 - 27, and attended by 37 heads of state, the United Nations secretary-general and the managing director of the International Monetary Fund (IMF). That is in addition to 5,000 from more than 150 countries, and 90 international organizations, according to CGTN.

The initiative was launched in 2013. Since then, BRI agreements were signed by 126 countries and 29 international organizations with China.

$1.2B deal signed to fund New Administrative Capital train

CAIRO - 16 January 2019: Exim Bank of China will provide Egypt with a soft loan worth $1.2 billion to finance all costs of the construction of the electric train connecting Salam City and the New Administrative Capital.