China Development Bank earmarks ‘large’ funds for Egyptian projects: minister

The China Development Bank is granting Egypt “large credit facilities” to finance development projects in the country with Chinese investments, Egyptian Trade Minister Tarek Qabil announced Friday.

Qabil met early Friday with officials in the Chinese bank in Beijing where they both explored the CDB’s planned investments in Egypt within the framework of the Belt and Road Initiative (BRI), according to the Trade Ministry’s statement.

The money will contribute to encourage more Chinese firms to invest in Egypt in the coming period, the statement quoted Qabil as saying.