An Egyptian government delegation intends to participate in China’s new Silk Road One Belt One Road (OBOR) forum on 14 and 15 May. Chinese ambassador to Egypt Song Aiguo said that the participation of Egypt will strengthen bilateral ties between the two countries.
During the conference held by China’s embassy on Wednesday, Aiguo added that the OBOR includes 64 countries along the Silk Road.
He noted that the OBOR initiative will open new horizons for cooperation with Egypt, especially after the establishment of the New Suez Canal, adding that China is interested in Egypt’s geographical location and considers it a key partner in the initiative.
The Chinese ambassador explained that four Egyptian ministries signed agreements with China in July 2016 regarding OBOR. He pointed out that the total Chinese investment in the Egyptian market is worth $7bn and created some 10,000 jobs.
He added that the China Development Bank is set to sign an agreement with a number of Egyptian banks to finance the second phase of the project to strengthen the Egyptian electric grid with $700m.
He noted that the bank provided loans worth $2bn to Egypt in 2016 to support a number of small and medium enterprises (SMEs). He added that there are consultations between the Egyptian and Chinese sides on several projects, notably the railway in 10th of Ramadan City.
In a related context, the Chinese ambassador said that there are several discussions with the Egyptian side to arrange a meeting between Al-Sisi and his Chinese counterpart in Beijing this year.