Egypt considers agreement with China to attract investments


Executive Vice President of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel-Wahab met with the Regional Director of the China Development Bank (CDB) on Friday to discuss signing a framework agreement between the Investment Ministry and CDB.

Their meeting came on the sidelines of a ministry delegation at the China International Import Expo (CIIE) in Shanghai.

The meeting discussed the importance of joint economic relations, particularly development witnessed after the signing of a comprehensive strategic partnership agreement between the two countries, in addition to Chinese companies’ interest in Egyptian national projects such as the New Administrative Capital and the Suez Canal.

Abdel-Wahab stressed that the framework agreement between the two sides would be an essential to attract Chinese companies.

He added that CDB is one of the most important Chinese government institutions and is specialized in financing major Chinese investment companies.

The meeting stressed the importance of holding regular meetings with CDB in Egypt to review the most important developments in the investment climate and identify the position of projects carried out by Chinese companies operating in Egypt, and to attract more companies and encourage working companies in Egypt to expand their investments.

Abdel-Wahab also visited a number of companies operating in Egypt such as Jinco Solar, one of the leading companies in the field of solar cell manufacturing with the largest share in the Egyptian market, and discussed with company officials setting up a factory in Egypt to cover the needs of the local market.

Edited translation from Al-Masry Al-Youm

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