China provides Egypt with $24.4m grant

Doaa Farid
2 Min Read

The government Sunday signed an economic and technical agreement with the Chinese government, to access a $24.4m non-refundable grant to fund development projects for the second year, according to a statement from Ministry of International Cooperation.

The agreement was signed during a meeting between Minister of Planning and International Cooperation Ashraf El-Araby and Chinese Ambassador Song Aiguo.

For three years starting in 2013, China agreed to give Egypt CNY 150m ($24.4m)  to support social and economic projects, according to the statement.

Following the January 25 Revolution, China granted Egypt $48.9m to support the state’s security system, finance projects in education and agriculture sectors, and train workers in the railway and small and medium enterprises sectors.

The total value of Chinese development aid programmes in Egypt amounts to $120.3m in non-refundable grants and $304.5m in concessional loans. These programmes have helped in financing development projects in Gulf of Suez, Suez University, 6th of October and Monofeya.

During the meeting, Aiguo described Egypt as China’s most important partner in the Middle East and North Africa, and praised the government’s efforts to encourage investments through an economic stimulus plan that was announced after the ouster of former president Mohamed Morsi in July.

On 5 March, the acting head of the General Authority for the Northwest Suez Gulf Economic Zone Mohamed Refaat signed a contract with the Chinese developer TEDA to develop 6 square kilometres in Ain Sokhna.

Rafaat said that this project is a part of a larger development deal with China to establish a 20,000 metre complex in the same area.

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