China has signed a deal that will see them carry out 15 China funded projects in Egypt at a cost of us$10billion.
According to Egypt’s Trade Minister the initial agreement was successful and they believe the projects will end on time.
After the initial signing of the framework Mounir Fakhry Abdel Nour said the agreement on how the China funded projects will be financed and run will be carried on by late this month and September respectively.
The China funded projects will be focusing on electricity and transport sectors respectively and they will be carried out directly by the Chinese government.
In the framework deal no specific company was named to carry out the China funded projects but Nour stated that Export-Import Bank of China will be the financier of the six transport projects that also includes the construction of the new railway and road development that will be added to the existing ones.
He also added that the key Representatives from Egypt’s trade ministry and the Chinese side Export-Import Bank of China, China Development Bank, Industrial and Commercial Bank of China, and China-Africa Development Fund had met with representatives from the Egyptian trade and investment ministries.
He added that his ministry is committed to see the country’s infrastructure is improves by 50% by the end of the financial year by signing more contract.
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