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China grants Egypt LE430 million

Beijing has pledged a number of loans and financial grants to Egypt for various development projects

MENA, Tuesday 28 Aug 2012
Egypt-China
Egyptian President Mohammed Morsi, right, and Chinese President Hu Jintao at the Great Hall of the People in Beijing, China. (Photo:AP)
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Egyptian President Mohamed Morsi and his Chinese counterpart President Hu Jintao have made a number of agreements on economic and commercial issues during the Egyptian head of state's visit to China.

On Tuesday, China signed an agreement giving Egypt 450 million yuan (LE430 million) to finance infrastructure, electricity and environment projects, as well as donating 300 police cars.

The chairman of Egypt's National Bank, Tareq Amer, and his Chinese counterpart also signed an agreement concerning a $200 million concessional loan to support small and medium size projects in Egypt.

The two countries also signed deals related to agricultural research, tourism, environment and telecommunications.

The China Development Bank pledged the credit to the National Bank of Egypt, according to a deal that was signed after Morsi met with his counterpart, President Hu Jintao, in Beijing.

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