China invests heavily in second phase of Administrative Capital

CAIRO – 6 September 2017: China will participate in numerous different projects during the next phase of the Administrative Capital, most importantly, the development of a railway infrastructure in Egypt, according to a government source who spoke to Egypt Today. China will provide direct grants to Egypt to support the railway project, as well as concessional loans to aid in developing transport projects.

China also seeks to develop railway workshops in Egypt, and will actively participate in linking the underground and enabling it to reach all areas. Chinese banks will invest in Egypt through financing these projects; granting various loans and grants for the construction of these projects.

President Sisi hold discussion with businesmen and world politicians on the sidelines of the 9th BRIC Summit in China's Xiamen - Press photo

China will be the first country to participate in the construction of the electric train inside Egypt.

A large Chinese delegation will visit the new administrative capital next month to check on the progress of the projects, as stated by the government source.
President Sisi addresses the BRICS Business Forum in China's Xiamen - Press Photo
Furthermore, meetings will take place with Egyptian companies in order to initiate a full partnership between Egypt and China. Still under consideration, the partnership entails that Egypt provide facilities for Chinese businessman, cancelling their visa entry requirements, and establishing projects in Egypt to encourage their investments.

A high-level Chinese delegation will visit the new Suez Canal to study the establishment of a number of different projects over the next year. These projects will aim to create an integrated industrial zone within Egypt.

In addition, Chinese businessmen will also target the tourism sector. “There is a large tourism project in Ras El Hekma that will be undertaken in a joint Egyptian-Chinese effort, with Emirati cooperation as well,” he stated.
President Sisi and Chinese officials pose for a photo at BRICS Business Forum in China's Xiamen - Press photo
The Chinese businessman will pay a visit to a number of villages in the north coast in the coming period, searching for touristic investment opportunities there as well.

The source said that China will work to rehabilitate Egyptian labor in a number of different fields in an integrated partnership with Egypt during the next phase.

Dr. Sherif Amr, a specialist on Chinese affairs, informed Egypt Today that China will increase its investment in the coming period in a lot of fields, especially tourism and industry, because Egypt will become an international investors’ focal point during the next phase. Furthermore, the Egyptian economy’s recovery is improving due to the various economic reforms.
President Sisi and a set of Egyptian officials meet with Chinese businessmen - Press Photo
Consultations between both sides will be numerously exchanged to ensure that both states’ economies are served well by the partnership.

China will work to conclude more agreements with Egypt during the next phase that are intended be in both countries’ interests.

The Dialogue of Emerging Market and Developing Countries is held during the BRICS Xiamen Summit in Xiamen, Fujian Province, on Tuesday, September 5, 2017 - Xinhua
This surge of investments came subsequently after President Abdel Fatah al-Sisi’s participation in the BRICS economic conference and Egypt’s aim for a full strategic partnership with China in the upcoming phase.