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Monday, 15 August 2016

El Sisi to sign USD bns in agreements with China in upcoming state visit

President Abdel Fattah El Sisi is expected to sign agreements worth bns of USD during a state visit to China coinciding with the 4-5 September G20 summit, government sources tells Al Borsa. USD 6.6 bn of Chinese funding will go towards building a 1 GW solar farm in Egypt, cementing a MoU signed between the International Cooperation Ministry with electrical equipment manufacturer TBEA China back in July. The agenda will reportedly also include:

  • An official request for a USD 1 bn facility from the People’s Bank of China to fund wastewater infrastructure projects;
  • Signing USD 310 mn in new grants from China to fund various development projects including the development of the EgyptSAT 2 satellite;
  • Requesting a USD 11.8 mn grant to the Education Ministry to fund a Chinese technical institute at the Suez Canal University.

In preparation for the visit, the Ismail cabinet held meetings on Sunday to discuss progress on Chinese projects in Egypt the two proposed coal-fired power plants in Hamrawein, and the Six of October Monorail, for which China Gezhouba Group and CRRC Corporation are competing, Al Ahram reports.

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