Minister of Industry and Trade Tarek Kabil presented the current status of the projects to be executed with the cooperation of China at a meeting held with several ministries’ representatives and the economic body for the Suez Canal Authority, according to a press release issued by the Ministry of Trade and Industry press office.
Kabil said in the Sunday meeting that the projects under negotiation with China aim to enhance the services in several cities and villages in Egypt, improving the economic growth indicators and creating thousands of employment opportunities.
These projects span the transportation, housing, electricity, and communication sectors, Kabil added.
Kabil also pointed out that the government’s efforts to support all investment projects through improvements in the business atmosphere have given investors a lot of confidence to invest in the Egyptian market.
Additionally, these projects reflect the well-maintained economic and political relationship Egypt has with China, which is currently witnessing major development in light of the recent exchange of visits between both countries’ presidents and the Egyptian government’s focus on expanding the means of international cooperation through new sectors, Kabil added.
Results of the continuing negotiations with China concerning the technical and financial aspects of each project were discussed during the meeting, Kabil said, adding that some of these projects have reached a mature stage, and they are currently in-discussion to reach an agreement regarding their implementation.
During the past period several meetings were held in the cabinet aimed at presenting and revising all of the Chinese-Egyptian projects to be executed in the forthcoming stage. Kabil added that these projects will be funded through direct investments or through soft loans from the Chinese.
This meeting was attended by representatives of the ministries of interior, international cooperation, transportation, electricity, communication, military production, investment, housing, and petroleum, as well as the economic body for the Suez Canal.
This meeting comes as part of the preparations for President Abdel Fattah Al-Sisi’s visit to China at the beginning of September to participate in the G20 Summit, where Egypt has been invited as a guest, Kabil added.