Egypt and China are probing activating the memorandum of understanding (MoU) signed earlier on October 19th, 2023, to boost cooperation in the field of debt swapping in order to implement development projects, as per an official statement on June 13th.

This came during a meeting between the Egyptian Minister of International Cooperation Rania Al-Mashat and Deputy Director-General of the Department of International Cooperation at China International Development Cooperation Agency (CIDCA) Ran Meng on the sidelines of the first Seminar of the New Development Bank (NDB) in Egypt.

It is worth noting that China’s investment portfolio in Egypt totaled around $7.7 billion to implement various development projects in development sectors, including electricity, health, and vocational education.

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