Talks between Egyptian and Chinese parties. Cabinet.
The Abu Qir metro project aims to improve transportation and reduce traffic congestion in Alexandria. The elevated railway line will stretch over 23 kilometres with 20 stations, being built in three phases from 2021 to 2028.
The project has secured a total of €750 million in funding from the Beijing-based AIIB, the European Bank for Reconstruction and Development, and the Agence Française de Développement, with each institution contributing €250 million.
During her visit to China, Minister of International Cooperation Rania Al-Mashat signed the agreement with the AIIB, along with a series of agreements and memorandums of understanding (MoUs) with other Chinese organizations.
Development cooperation with China
Al-Mashat signed an MoU with the China International Development Cooperation Agency (CIDCA) as part of the Global Development Initiative (GDI). The MoU aims to devise a strategy for Egyptian-Chinese development cooperation for up to five years, covering projects to be launched through the GDI.
In a similar vein, the international cooperation minister signed four cooperation documents with the CIDCA offering grants to Chinese entities for projects in Egypt, such as procuring equipment for Egypt's Ministry of Transport, building a vocational training centre in the Suez Canal Economic Zone, and conducting feasibility studies for a biological safety lab for the Ministry of Health.
The Egyptian-Chinese cooperation portfolio has reached $1.7 billion in joint development projects, ranging across electricity, healthcare, education, vocational training and beyond.
The AIIB has dispersed $1.3 billion for infrastructure projects in Egypt to date, including $300 million in water management, $360 million to fund the budget deficit, $210 million to finance 11 private companies in the renewable energy sector, and a credit line of $150 million for the National Bank of Egypt.
Egypt is set to host the upcoming annual meeting of the AIIB in Sharm El-Sheikh on 25-26 September 2023.