China is providing Egypt with two aid packages worth a total of $16 million to be directed at food storage and tourism projects, the state-run Al-Ahram newspaper reported on Saturday.
The agreements were inked in Cairo on Thursday by Egypt’s Planning and International Cooperation Minister Fayza Abul-Naga and the Chinese Ambassador to Egypt, Song Aigu.
Around $14.5 million will be devoted to a 'strategic project' for storing Egypt's wheat and cereals, while $1.5 million is being used to build a Chinese-style park in the southern city of Luxor, Al-Ahram quoted Abul-Naga as saying.
Speaking at the signing, Beijing's ambassador said that Chinese businesses invested $80 million in Egypt in 2011, a 60 per cent rise on the year before.
Bilateral trade between China and Egypt reached $8.7 billion in 2011, an annual rise of 26 per cent, according to data cited by the state-run Xinhua news agency.