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China invests $11.2 bln in Egypt’s New Administrative Capital

Sunday 03-09-2017 - 06:22 PM
News Agencies
China invests $11.2
China invests $11.2 bln in Egypt’s New Administrative Capital - Archive Photo
Cairo - The Chinese investments in the New Administrative Capital included $3.2 billion invested in the second phase of the project, Osama Magdoub, Egypt’s Ambassador to China said Sunday. 

Moreover, investments worth $8 billion will be implemented in the new capital over the next 10 years. 

In a televised interview, the ambassador added that one of the mega Chinese companies, which established an industrial zone on an area of 60 kilometers, was granted an additional six kilometers. 

President Abdel Fatah al-Sisi left Cairo Sunday heading to the Chinese port city of Xiamen to participate in the ninth annual BRICS summit. China invited Egypt, among other five non-members states, to attend the summit. 

Economic relations between Cairo and Beijing are deemed strong. The volume of trade exchange between Egypt and China recorded $5.178 billion from January to June 2017. 

China's exports to Egypt decreased by 20.79 percent year-on-year to $4.518 billion, while Chinese imports from Egypt increased by 298.37 percent to reach $660 million. 

Bilateral trade between Egypt and China is expected to further grow as Egypt has officially joined in 2015 the Silk Road Economic Belt trade union, which encompasses 92 Chinese and foreign associations. 

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