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Egypt expects Chinese investment worth $3 bln over two years

Arab World Materials 3 September 2012 09:41
Egypt expects Chinese investment worth $3 bln over two years
Egypt expects Chinese investment worth $3 bln over two years

Direct investment from China is expected to reach $3 billion over the next two years, state-run daily Al-Ahram reported on Sunday, citing Egyptian Minister of Planning and International Cooperation Ashraf El-Araby Al Ahram online reported

Chinese foreign direct investment in Egypt amounted $160 million in the 6-year period between 2006 and 2011.

El-Araby did not specify the sectors that China had expressed interest in.

Ahram Online tried to reach the minister's office for clarification but he was unavailable for comment.

Egypt will receive a Chinese grant worth $75 million in three tranches, with the first tranche expected within weeks. Grants from China to Egypt have totalled around $100 million over the last 20 years.

Egypt imported goods worth $3.9 billion from China in 2010/11 and exported goods worth just $292 million, according to data from the Central Bank of Egypt.

China will give 300 cars to the Egyptian interior ministry within the next month, El-Araby said. China recently sent 700 cars to the same authority, he added.

A $200 million commercial loan has been made to the National Bank of Egypt by the China Development Bank, El-Araby said. The money will be loaned to small and medium enterprises.

On Saturday, Minister of Investment Osama Saleh said President Mohamed Morsi's visit to China had secured 14 agreements.

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