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Egypt, China sign 21 investment deals to foster mutual cooperation

Ahram Online , Thursday 21 Jan 2016
gyptian Presidency shows Egyptian President Abdel Fattah al-Sisi (R) meeting with Chinese President
A handout picture released by the Egyptian Presidency shows Egyptian President Abdel Fattah al-Sisi (R) meeting with Chinese President Xi Jinping upon his arrival in the capital Cairo on January 20, 2016 (AFP)
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Egyptian President Abdel-Fattah El-Sisi and Chinese President Xi Jinping signed in Cairo on Thursday a number of cooperation deals aimed to foster over 60 years of ties between the two countries, Egypt's state TV reported.

The official broadcasted footage shows the two leaders witnessing the signing of 21 technical and economic deals including one to build a new administrative capital and another to develop an industrial and commercial hub around Egypt's Suez Canal.

The deals-- in the transportation, power generation, and civil aviation sectors are worth $15 billion, according to Egyptian Minister of International Cooperation Sahar Nasr.

They also include a $1 billion financing agreement for the Egyptian central bank and a $700 million loan to the state-owned National Bank of Egypt.

Xi arrived in Cairo on Wednesday in the first visit by a Chinese president to Egypt in 12 years. He held talks with El-Sisi and was due to address the Cairo-based Arab League

He was received Thursday with a 21-gun salute as he arrived at one of Cairo's presidential palaces for the Egyptian-Chinese summit.

Xi was also planned to speak to Egypt's newly-elected parliament.

Xi said Wednesday that his country "supports Egypt's efforts to maintain stability, develop the economy, improve livelihoods, and supports Egypt to play an even greater role in international and regional affairs," he was quoted as saying by the foreign ministry.

The Chinese leader has stressed that he is seeking cooperation with Egypt on China's modern trade route, known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

"We are ready to work with the Egyptian side to carry forward our traditional friendship, learn from each other, and deepen our practical cooperation in various fields under the Belt and Road Initiative, so as to let our people share development benefits and enjoy a better life," Xi was quoted by China Daily as saying.

Xi's two-day visit is the second leg of a Middle East tour that he kicked off earlier in the week in Saudi Arabia. He is expected in Iran later this week.

The visit comes as the two countries mark the 60th anniversary of the establishment of diplomatic Chinese-Egyptian ties.

The Chinese and Egyptian presidents are due to head later on Thursday to the southern temple city of Luxor to attend a ceremony marking the beginning of the “Egypt-Chinese cultural year.”

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Al
21-01-2016 02:55pm
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Administrative Capital is an ego trip
All Egyptian cities and villages are slums filled with sewer, ailing infrastructure, paralyzed transportation, and crumbling hospitals and schools. Ignoring all that and wasting "Part of the package" on the new planned administrative capital is an immature decision, not based on reality but based on ego!
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Al
23-01-2016 08:14pm
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0+
Sinai, Red Sea, North coast ...
Yasmina, you're right not all old slums could be fixed. However, instead of sinking money in a new administrative capital (i.e. a cleaner home for the government) they can build the most beautiful parts of Egypt; Sinai, red sea, north coast ...etc. The issue with our government Yasmina is poor planning, no strategy, and lousy execution!
Yasmina
23-01-2016 07:01am
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Some places can't be fixed
While there are many districts that could be repaired, there are many slums that require too much work and one must start from the beginning in a new place. If it is well planned, as the new city seems to be, all levels of society will more there. In the meantime, there should be many incentives packages offered by the government for people to start businesses in the other new, not so successful cities like October 6, that would offer jobs. If the infrastructure is placed and good jobs are there, young people will go.
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