Egypt and China signed on Saturday five cooperation agreements during a visit by Egyptian President Abdel Fattah al-Sisi to the east Asian country.
According to official news agency MENA, the agreements included cooperation in the fields of industrial quality, cooperation in projects related to productive capacity, a loan, and a Chinese-funded electric train that will run to Egypt’s planned new administrative capital.
In 2017, Egypt announced its plan for the $255 million electric train project to run to the new capital. Officials have said it will save millions of dollars in fuel subsidies and reduce traffic. The project will be financed through a loan from China to be paid back over 20 years.
The agreements also included the manufacture of an Egyptian satellite, as well as a framework agreement for future projects in the coming three years.
The signing took place in a meeting between Sisi and his Chinese counterpart Xi Jinping.
Both leaders had also held another meeting to discuss ways of boosting bilateral ties across various fields and issues of mutual interest.
Egyptian President Abdel Fattah al-Sisi is in China for a four-day visit, he is also set to participate in the China-Africa Cooperation (FOCAC) Forum held on 3 and 4 September.
Source: Ahram Online
