Sahar Nasr (R) with the chairman of China’s Sinosure (L) - Press photo
CAIRO – 16 May 2017: Investment Minister Sahar Nasr signed a Memorandum of Understanding with the chairman of China’s Sinosure, export, credit insurance and overseas investment corporation, which promises to facilitate procedures for Chinese investments in Egypt, according to a Monday statement by the Investment Ministry.
Five agreements were signed during the Investment Forum in Beijing. Nasr asserted to the Chinese investors that Egypt is a strategic center for their investments in Africa and the Middle East.
The Chinese investors showed an interest in the new administrative capital and the law which guarantees several investments’ advantages for their companies.
Banque Misr and China Development Bank signed a $500 million funding agreement in Beijing, on the sidelines of the Belt and Road Forum.
Nasr paid a visit to the headquarters of China Fortune Land Development Company (CFLD) which is involved in the construction of the new capital.
China Export and Credit Insurance Corporation also agreed to cover export credit guarantees for Chinese companies. In addition, the Suez Canal Economic Zone, the China-Africa Development Fund, and Chengdu Port signed an agreement for investments at Ain Sokhna port.
Also an agreement was signed in China between the Egyptian Electricity Transmission Company, the Export–Import Bank of China, the Bank of China, and the China Development Bank to transmit 500 kilowatts to the national grid, to be implemented by the State Grid Corporation of China.
Nasr promised the Chinese investors a new set of laws to be modified so as to facilitate and assist the investors. She said the Egyptian government’s goal is to reach 6 percent GDP growth rate by the end of fiscal year 2018/2019 (which ends June 30.)