China has granted Egypt roughly USD 14 million to assist joint growth initiatives between the 2 international locations, introduced Zhao Leji, Chairman of the Standing Committee of the Nationwide Individuals’s Congress (NPC) of China. The grant was revealed throughout a gathering held in Beijing between Zhao and Egyptian Prime Minister Moustafa Madbouly, who’s attending the Discussion board on China-Africa Cooperation (FOCAC).
This yr marks the tenth anniversary of the strategic partnership between Egypt and China, a relationship that has flourished lately. In the course of the assembly, Prime Minister Madbouly emphasised the significance of strengthening parliamentary cooperation as a basis for this partnership, whereas additionally reaffirming Egypt’s dedication to supporting Chinese language enterprises working inside its borders. Madbouly praised China for its developments in development and concrete growth, describing the nation as an important ally in addressing world challenges.
Egypt and China’s relationship has skilled fast progress, with Chinese language international direct investments (FDI) in Egypt rising from USD 563.4 million in FY2021/2022 to USD 956.7 million in FY2022/2023, in accordance with the Central Financial institution of Egypt. In 2023, complete investments between the 2 nations reached USD 14 billion, pushed by key Chinese language initiatives in Egypt such because the New Administrative Capital (NAC) and the Suez Canal Financial Zone.
Prime Minister Madbouly’s go to to Beijing, which included assembly the Chinese language President Xi Jinping, comes simply months after Egypt signed three memorandums of understanding with China’s Nationwide Growth and Reform Fee (NDRC) and the China Worldwide Growth Cooperation Company (CIDCA). The Egyptian Prime Minister underscored the nation’s curiosity in bolstering its inexperienced vitality infrastructure, notably photo voltaic and wind energy, and voiced hopes to localize photo voltaic panel manufacturing with the assist of Chinese language corporations.
Strengthening Ties on the FOCAC Summit
In the course of the FOCAC summit, which passed off from September 4-6, Madbouly met with leaders of distinguished Chinese language companies, together with China State Building Engineering Company and China Vitality Engineering Company. These conferences targeted on enhancing cooperation in engineering and funding fields. The Prime Minister highlighted Egypt’s eagerness to collaborate with Chinese language companies, notably in new and renewable vitality sectors.
Zhao Leji reiterated China’s dedication to supporting Egypt in addressing worldwide challenges, emphasizing the shared imaginative and prescient of peaceable battle decision and non-interference in sovereign affairs. Each nations additionally expressed solidarity on world points, together with the Palestinian trigger, with China voicing assist for a two-state resolution and Egypt persevering with its mediation efforts within the Gaza Strip.
The FOCAC summit, chaired by Chinese language President Xi Jinping, serves as a vital platform for discussing cooperation between China and African nations. As the most important diplomatic occasion for the reason that COVID-19 pandemic, it attracted quite a few heads of state and authorities.
China, the world’s second-largest economic system, has emerged as Africa’s largest buying and selling accomplice, with bilateral commerce reaching USD 167.8 billion within the first half of 2024. Egypt, benefiting from its shut relationship with China, has seen its exports to the Asian powerhouse complete USD 31 million in Might 2024, whereas imports from China reached USD 1.1 billion, in accordance with the Central Company for Public Mobilization and Statistics (CAPMAS).
Final yr, China Vitality Engineering Company has introduced plans to determine North Africa’s first inexperienced hydrogen plant in Egypt, throughout the Suez Canal Financial Zone. Egypt hopes this initiative will bolster its capability to export renewable vitality to Europe.
In current conferences on the sidelines of FOCAC, the Egyptian Prime Minister expressed curiosity in attracting further Chinese language investments in new and renewable vitality applied sciences, together with factories for photo voltaic vitality gear and wind energy infrastructure.
