CAIRO: A soft loan program totaling $15 billion to help Egypt in developing its whole educational process has been announced by China, Minister of Education Mahmoud Abou el-Nasr told Youm7 Sunday.
Part of the loan will be allocated for building new schools in order to accommodate the large number of students as well as for solving the problem of overcrowded classrooms, Abou el-Nasr added.
Abou el-Nasr said that the proposal has been submitted to the Ministry of International Cooperation for its approval and added that “the ministry would be exempted from repaying the loan for the first seven years then it would be repaid in installments over 15 years with a 2 percent interest payment.”
Chinese Ambassador to Egypt Song Aiguo said during a Feb. 3 press conference that the investment volume between his country and Egypt hit $10 billion in 2013, Al-Bosla News reported.
Developing relations with Egypt is a “strategic option” for China, Chinese Vice President Li Yuanchao said in December 2013, stressing that “Egypt is among the best investment hubs in Africa.” He also stressed on his country’s desire to boost cooperation with Egypt in the political, economic, tourist and military domains, the state news agency MENA reported.