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Monday, 3 September 2018

Egypt and China sign agreements worth USD 18.3 bn, Ittihadiya confirms

INVESTMENT WATCH- Get ready to learn a bunch of hard-to-pronounce names as Egypt and China sign agreements worth USD 18.3 bn: The picture of is becoming clearer on the agreements signed in Beijing, as the State Information Service (SIS) announced that President Abdel Fattah El Sisi and Chinese Premier Xi Jinping have witnessed the signing of agreements worth a total of USD 18.3 bn. The projects we noted in yesterday’s edition account for the bulk of the agreements, including the second phase of the new administrative capital business district, a refinery at the Suez Canal Economic Zone, the Hamrawein “clean coal” power plant, and the the pumped-storage hydroelectric plant in Attaqa. China’s Shandong Ruyi Technology Group signed an agreement yesterday with the Suez Canal Economic Zone to develop a textiles factory there, according to SIS. Shandong Ruyi will be investing USD 6.2 bn on the new factory, according to Amwal Al Ghad. Tai Shan Gypsum Co. signed an agreement for the development of a gypsum board factory, while Xiamen Yanjan New Material Co. signed an agreement for a building materials factory.

The signing took place following a meeting between President El Sisi and China’s top business leaders on Sunday during which El Sisi pitched them on investing in infrastructure, petrochemicals, ICT, energy and logistics.

El Sisi also talked about investment with Chinese Prime Minister Li Keqiang, according to the SIS. The two leaders agreed on taking additional steps to promote Egyptian exports to China as well as boosting Chinese tourism to Egypt. El Sisi also visited the Central Party School of the Communist Party of China, the country’s top academy specializes in training government and communist party officials, according to an Ittihadiya statement.

Engagement with Ethiopia, East Africa tops Egypt’s agenda at China-Africa Forum: As we’ve previously reported, El Sisi is in Beijing for the China-Africa Cooperation Forum. The president met yesterday with a number of African heads of state yesterday. He agreed in a sit-down with Ethiopian Prime Minister Abiy Ahmed to push forward with talks to reach a final settlement on the issue of the Grand Ethiopia Renaissance Dam, Ittihadiya spokesperson Bassam Rady said. El Sisi also met with Sudanese President Omar Al Bashir, Ittihadiya said. El Sisi also discussed cooperation with Somalia’s President Mohamed Abdullahi Mohamed, says the SIS.

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