China eyes $90mln investments in Egypt

Total Chinese investments in Egypt surpassed $7.7bln

Aerial View of Cairo city. Image used for illustrative purpose.

Aerial View of Cairo city. Image used for illustrative purpose.

Getty Images

ArabFinance: Nine unnamed Chinese companies plan to invest $90 million (EGP 1.411 billion) in Egypt in 2021, Al Borsa News cited Minister Counselor for Commercial Affairs at the Chinese Embassy in Cairo Han Bing.

Bing added that Chinese direct investments in Egypt increased 19.3% Year on Year to $89.3 million (EGP 1.4 billion) by the end of September 2020.

He further noted that both parties are discussing new cooperation in the fields of medical supplies, steel, textiles, transportation, new energy, recycling, and sewage treatment.

Total Chinese investments in Egypt surpassed $7.7 billion (EGP 120.78 billion) thus far, the local press added.

He highlighted that the Chinese government and financial institutions provided Egypt with loans and credits of more than $7.5 billion (EGP 117.64 billion) over the past few years.

The value of trade exchange between China and Egypt jumped 10% Year on Year to $12.8 billion (EGP 200.77 billion) during the period between January and November 2020, he elucidated.

In July, China allocated $100,000 (EGP 1.57 million) in support of the medical sector in Egypt.

*At press time, the conversion rate is $1 = EGP 15.70

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