Egypt, China sign MoU to participate in New Administrative Capital
Sisi (L) and his Chinese counterpart Xi Jinping witness the signing of two agreements - Presidential Office

CAIRO: Egypt’s Minister of Investment Ashraf Salman signed a memorandum of understanding with Chinese Chains State Company to participate in developing the New Administrative Capital, Youm7 reported Wednesday.

The MoU will examine the possibilities of the interest of the Chinese part in developing a part in the new administrative capital.

President Abdel Fatah al-Sisi and his Chinese counterpart Xi Jinping witnessed the signing of two agreements Wednesday; the first is a framework convention to raise the Egyptian production efficiency, which was initially signed in Cairo July 15.

“The convention is allocated for power and transport projects; there are 14 projects agreed on among the Egyptian priority framework, including the electric train between Cairo, Bilbeis and 10th of Ramadan,” said Minister of Trade Mounir Fakhry Abdel Nour, Youm7 quoted Wednesday.

He added that the second agreement is a $100-million Chinese loan from the Chinese development bank to finance the small and medium enterprises.

Sisi arrived in China Tuesday to attend the celebrations of the 70th anniversary of China’s World War II victory.

This visit is his second to China; he paid Beijing a two-day visit in December to enhance the bilateral relations between both countries, particularly in the economic field.

Trade between Egypt and China amounted to $10.3 billion in 2013, of which $1.9 billion were Egyptian exports to China and $8.4 billion were imports from China, according to government figures.

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