AFP PHOTO / MARK RALSTON
President Mohamed Morsy’s current visit to China has so far secured several mutual cooperation agreements, a $200 million investment loan and a one-off 450 million Yuan ($70.31 million) grant aimed at infrastructure development and environmental projects. On top of these deals, China is also gifting 300 police cars to help bolster Egypt’s security.
Egypt and China’s mutual cooperation agreements reflect the new foreign policy approach announced by presidential spokesman Yasser Ali. On Monday Ali told foreign reporters that Egypt’s foreign policy will focus on collaboration and the fostering of mutual interests.
The focus of the loans will be the development of Egypt’s agriculture, environmental issues including water and renewable energy, telecommunications, tourism and internet development. China’s eagerness to invest in Egypt is a sign of expanding Chinese influence worldwide and may be pivotal for Morsy’s first term in office, as Egypt’s infrastructure is strained by lack of funding and development.
