China has granted Egypt approximately USD 14 million to support joint development projects between the two countries, announced Zhao Leji, Chairman of the Standing Committee of the National People’s Congress (NPC) of China. The grant was revealed during a meeting held in Beijing between Zhao and Egyptian Prime Minister Moustafa Madbouly, who is attending the Forum on China-Africa Cooperation (FOCAC). This year marks the 10th anniversary of the strategic partnership between Egypt and China, a relationship that has flourished in recent years. During the meeting, Prime Minister Madbouly emphasized the importance of strengthening parliamentary cooperation as a foundation for this partnership, while also reaffirming Egypt’s commitment to supporting Chinese enterprises operating within its borders. Madbouly praised China for its advancements in construction and urban development, describing the country as a crucial ally in addressing global challenges. Egypt and China’s relationship has experienced rapid growth, with Chinese foreign direct investments (FDI) in Egypt rising from USD 563.4 million in FY2021/2022 to USD 956.7 million in FY2022/2023, according to the Central Bank of Egypt. In 2023, total investments between the two nations reached USD 14 billion, driven by key Chinese projects in…
Egypt Secures $14 Million from China as Strategic Partnership Strengthens
September 5, 2024
