China grants Egypt $14 mln for implementing development projects

Leji announced that during a meeting on Tuesday with Egypt’s Prime Minister Mostafa Madbouly.

He emphasized the deep strategic relations between Egypt and China, referring to the 10th anniversary of their strategic partnership.

For his part, Madbouly emphasized the importance of strengthening parliamentary cooperation between Egypt and China as a key element of their strategic relationship.

In June, President Adel-Fattah El-Sisi and his Chinese counterpart Xi Jinping committed to reinforcing cooperation and coordination between Cairo and Beijing in the next five years.

Egypt also signed three memorandums of understanding (MoUs) in July with the Chinese National Development and Reform Commission (NDRC) and the China International Development Cooperation Agency (CIDCA) to strengthen Egyptian-Chinese relations.

 According to the Central Bank of Egypt (CBE), Chinese FDI flows in Egypt increased from $563.4 million in FY2021/2022 to $956.7 million in FY2022/2023.

Investments between Egypt and China reached $14 billion in 2023, with Beijing pumping billions of dollars into Egyptian projects, including the New Administrative Capital (NAC) and the Suez Canal Economic Zone.

Total exports from Egypt to China recorded $31 million, while imports from China to Egypt recorded $1.1 billion in May 2024, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).