Egypt’s Minister of Investment, Chinese Ambassador sign US$42 mn grant for development projects

Egypt’s Minister of Investment and International Cooperation Sahr Nasr on Saturday signed a US$42 million grant with the Ambassador of China to Egypt, Liao Li Chang, to establish developmental projects in Egypt.

During the 2019 Africa Investment Forum at the New Administrative Capital, Nasr said that the government will spend the grant in the fields of education and health to improve general quality of life.

Nasr added that Egypt and China agreed on establishing several projects including a satellite assembly project, an integration and testing center, the MisrSat-2 project for remote sensing applications, the development of the first and second stages of the distance-learning project, a feasibility study project to establish a vocational training center in the Suez Canal Authority Economic Zone, and supplying equipment towards the Chinese College of Technology at the Suez Canal University.

Chang said that his country is eager to increase investments in Egypt and raise the grants for development projects. The Chinese grants currently allocated for Egypt total at 1.699 billion yuan to carry out projects and supply equipment.

Egypt and China have signed a number of agreements since 2017, including the funding of the electric train project between Salam City and the New Administrative Capital, and another agreement that will entail the establishment of Egypt’s second satellite MisrSat-2 with a Chinese grant of 300 million yuan ($45 million).

Edited translation from Al-Masry Al-Youm

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