China to sign a $700 million agreement to finance Egyptian electricity projects

CAIRO – 10 May 2017: China Development Bank is set to sign an agreement worth $700 million with a number of Egyptian banks to finance electricity projects in Egypt, Chinese ambassador to Egypt, Song Aiguo, said on Wednesday during a press conference held at the embassy.

Aiguo added that the $700 million agreement will fund the second phase of the Egyptian electricity grid, revealing further that an Egyptian governmental delegation will participate in China’s new Silk Road One Belt One Road (OBOR) forum in mid-May.

The official delegation is set to meet a number of Chinese companies to discuss the implementation of the railway project in 10th of Ramadan city and two other projects in Alexandria.

Total Chinese investments in Egypt are worth $7 billion and have created nearly 10,000 jobs. The OBOR initiative will open new horizons for cooperation with Egypt, especially after the establishment of the New Suez Canal, he said.

The Chinese ambassador also told journalists that there are ongoing discussions to arrange a meeting between Egypt and China’s leaders during the coming period.