Egypt seeks to bolster cooperation with Silk Road Fund: Al-Mashat

Daily News Egypt
4 Min Read

Minister of International Cooperation Rania Al-Mashat met with Zhou Jun, President of the Silk Road Fund, which aims to support infrastructure projects and foster cooperation with countries along the Silk Road, particularly in investment, trade, and economic collaboration with the private sector.

During the meeting, Minister Al-Mashat welcomed the Fund’s delegation to Egypt, emphasizing the significance of the evolving Egyptian-Chinese relations, driven by mutual interests and the commitment of both nations’ leaders to further these ties for developmental progress. She highlighted the Egyptian government’s dedication to enhancing Chinese investments in Egypt, leveraging technological and developmental expertise to advance economic cooperation.

Discussions included the Silk Road Fund’s role in backing various projects under the Belt and Road Initiative and the financial tools it offers, especially with the Chinese government’s support and the recent 80 billion yuan capital injection at this year’s Belt and Road Forum. The talks also explored ways to propel Egypt’s development through collaboration with the Fund.

Al-Mashat noted that Egyptian-Chinese development cooperation, initiated in the 1990s, has seen significant strides since 2014, marked by President Abdel Fattah El-Sisi’s visit to China and the signing of the Comprehensive Strategic Partnership Agreement. This joint venture has led to the implementation of key projects, including the Light Rail Transit (LRT), and initiatives in education, health, and industrial localization, as well as knowledge exchange, exemplified by the satellite assembly and testing center—a landmark in South-South cooperation.

She also mentioned this year’s achievements in cooperation, notably the signing of the Global Development Initiative (GDI) Memorandum of Understanding, setting the stage for a new era of collaboration with China. This partnership will craft a comprehensive 3-to-5-year development strategy between Egypt and China, detailing the areas and projects within the development cooperation program. Additionally, a debt swap memorandum of understanding was signed with the Chinese Agency for International Development Cooperation, reflecting the enduring friendship and strong ties between the two nations.

The Minister emphasized the Egyptian government’s commitment to bolstering cooperation with China under the Belt and Road Initiative. This collaboration aligns with Egypt’s Vision 2030, which aims to stimulate economic growth, promote industrialization, enhance trade and economic ties, and foster greater intercultural communication. The initiative’s objectives are in harmony with Egypt’s efforts to implement national projects that boost investment opportunities, especially those within the Suez Canal Economic Zone, a key component of the Belt and Road Initiative.

Furthermore, the Belt and Road Initiative represents a model of multilateral cooperation, seeking to reinforce partnerships that contribute to global economic recovery. Egypt has shown its support for the initiative by joining the Asian Infrastructure Investment Bank (AIIB) and actively participating in the Belt and Road Forums and Summit. These engagements, alongside the Global Development Initiative, play a significant role in promoting global development and enhancing strategic partnerships under the South-South cooperation framework.

In the realm of space cooperation between Egypt and China, the successful launch of the Misr Sat-2 satellite for remote sensing applications is a highlight. The launch from China’s Taochan base followed the completion of the satellite’s assembly and testing in June, conducted collaboratively at the Egyptian Space Agency’s headquarters.

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