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Egypt’s cabinet approves $42m Chinese grant for development projects - Daily News Egypt

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Egypt’s cabinet approves $42m Chinese grant for development projects

Moreover, the cabinet gave the green light to importing 1,300 railway carriages financed by a €1bn credit facility agreement with the Hungarian Export-Import Bank.


Egypt’s cabinet approved a Chinese grant of 300m Yuan (about $42.8m) during its first meeting on Thursday after the recent reshuffle.

Egyptian President Abdel Fattah Al-Sisi has signed an economic and technical cooperation agreement with China late November, by which the Chinese government will provide a grant to finance development projects to be agreed upon by both sides.

The cabinet also approved a financing agreement of KD 25m from the Kuwait Fund for Arab Economic Development, and combining it with an earlier agreement of KD 17.5m with the Fund to finance road projects in the Sinai Peninsula, which will facilitate access to educational and health services in the region.

Moreover, the cabinet gave the green light to importing 1,300 railway carriages financed by a €1bn credit facility agreement with the Hungarian Export-Import Bank.

The Thursday meeting also witnessed accepting the Ministry of Trade and Industry’s request to purchase laboratory equipment for the ministry’s Chemical Administration’s branches in Damietta and Port Said ports.

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