The Egyptian government announced Monday the formation of a new cabinet committee which will be entrusted with increasing Chinese investments in Egypt and following up on China’s participation in the country’s new development projects.
The new committee, which will be chaired by Prime Minister Ibrahim Mehleb, comes as part of government plans to lure more investments into a country beset by three years of political turmoil.
An Egyptian delegation, including Minister of Investment Ashraf Salman, is now on a multi-day visit to China to promote the country’s improving investment climate to the Chinese business community.
The delegation will also brief Chinese businessmen on existing investment opportunities in Egypt before the start of Egypt’s landmark economic summit which is due to be held in the Red Sea resort town of Sharm El-Sheikh in February 2015.
In a statement released on Tuesday, Mehleb said that he met late on Monday with a Chinese delegation which included Chief Executive Officer (CEO) of Export-Import Bank of China and some representatives from China’s EVC International and Ports of China companies in the presence of Egyptian ministers of electricity, international cooperation, and transport.
The meeting tackled a number of major developmental projects planned by the Egyptian government in the coming period.
The premiere said that China is considering taking part in the Suez Canal Axis Development Project, which is expected to boost world trade.
The Chinese delegation held several meetings with a number of ministers in an attempt to discuss ways of boosting bilateral cooperation, welcoming invitations made by the Egyptian government to participate in local national projects.
Meanwhile, China will finance a high-speed rail that will connect Al-Salaam district, Cairo with the towns of 10th of Ramadan and Belbeis, Daqahleya governorate, according to Minister of Transport Hany Dahi. The new rail line will serve five million Egyptian citizens a year.
Egypt has agreed with the Chinese authorities to finish the project in a shorter time, Dahi added.
In a bid to help Egypt ease its energy crisis, the Chinese officials set forth proposals to build new power stations in Egypt.
Mehleb said that his country would put the agreements with the Chinese authorities on such joint projects on a fast-track.