Egypt and China are close to concluding their negotiations for the construction of the Arab country’s largest industrial zone on the Mediterranean Sea, an Egyptian newspaper reported on Tuesday.

An agreement on the landmark project has become closer following the recent mega Ras Al-Hikma investment deal between Egypt and the UAE, the Arabic language daily Addustour said, quoting official sources.

The negotiations, which have been held in Cairo over the past week, covered the establishment of an industrial zone on the Mediterranean to be dedicated to export-oriented industries including textiles, electric cars and petrochemicals, it said.

It quoted the sources as saying investments of nearly $100 billion could be pumped into this project besides the establishment of China’s first bank in Egypt with the aim of dealing in the two countries’ currencies to ease pressure on Egypt’s dollar market.

Read more: Egypt’s SCZONE inks 5 agreements worth over $15bln with Chinese companies

(Writing by Nadim Kawach; Editing by Anoop Menon)


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