Cairo – September 5, 2024: During a meeting with Prime Minister Mostafa Madbouly, Zhao Leji, Chairman of the Standing Committee of the National People's Congress (NPC) of China, revealed that the Asian country has granted Egypt ¥100 million (approx. $14 million) to support joint development projects between the two countries.
Madbouly, who is attending the China-Africa Cooperation Forum (FOCAC), met with Zhao on Wednesday, praising China for its achievements in construction and urban development, positioning it as a vital ally in addressing global challenges.
Zhao highlighted the strategic partnership between Egypt and China, marking the 10th anniversary of their bilateral relationship.
Madbouly underscored the significance of strengthening parliamentary cooperation as a cornerstone of the strategic partnership, and reaffirmed Egypt's commitment to supporting Chinese enterprises operating within the country.
The bilateral ties between Egypt and China have seen substantial growth recently, with President Abdel-Fattah El-Sisi and Chinese President Xi Jinping pledging to deepen cooperation over the next five years.
In July, Egypt signed three memorandums of understanding with the Chinese National Development and Reform Commission (NDRC) and the China International Development Cooperation Agency (CIDCA).
According to the Central Bank of Egypt, Chinese foreign direct investments (FDI) in Egypt rose from $563.4 million in FY2021/2022 to $956.7 million in FY2022/2023.
Investments between the two countries reached $14 billion in 2023, with significant Chinese investments in projects like the New Administrative Capital (NAC) and the Suez Canal Economic Zone.
Egypt's exports to China totaled $31 million in May 2024, while imports from China amounted to $1.1 billion, according to recent data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
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