Egypt has entered into an initial agreement with China over 15 projects worth about $10 billion, the Egyptian trade minister said.
Trade Minister Mounir Fakhry Abdel Nour signed an initial framework agreement with representatives from the Chinese trade ministry.
Financing agreements for the projects will be signed between late June and September, the ministry said in a statement.
The projects would be mainly focused on the electricity and transport sectors but would also include Chinese direct investment in other projects.
The minister did not name any specific companies involved but said that the Export-Import Bank of China would provide financing for six transport projects including building a new railroad and developing several existing ones.
The statement said representatives from the trade ministry as well as representatives of the Export-Import Bank of China, the China Development Bank, the Industrial and Commercial Bank of China, and the China-Africa Development Fund had met with representatives from the Egyptian trade and investment ministries.
The minister said both parties had the right to ask for changes or adjustments to this deal.
On the other hand, Egypt plans to complete establishment of $5 billion joint fund with the Russian Direct Investment Fund and Arabian sovereign wealth funds in 2015, Egypt's Minister of Industry Mounir Fakhry Abdel Nour told TASS.
The minister said the most important project they have is to establish the joint fund with the Russian Direct Investment Fund with the amount nearly $5 billion for investments into industry and infrastructure.
The fund plans to invest into construction of subway, railway, logistics center and travel center, the minister added.
The minister said he believes everything will take place quickly, in several months, because everyone is enthusiastic in respect of this project. Definitely this year, he added.
Reuters
24 June
