• 13:08
  • Tuesday ,11 March 2014

China offers Egypt non-refundable grant at US$25 million

By-Almasry Alyoum

Home News


Tuesday ,11 March 2014

China offers Egypt non-refundable grant at US$25 million

Egypt signed technical and economic cooperation agreement with China including non-refundable grant of 150 million Chinese Yuan (US$25 million) to finance development project.

International Cooperation Minister Ashraf al-Araby said in a statement that significant development has been seen between the two countries and that the total official Chinese development aid to Egypt through the non-refundable grants had reached $120.35 million, and including preferential and concessional loans, it had reached $304.55 million. This funding has helped carry out several development projects in Egypt, such as the investor-service building project in the economic zone northwest of the Suez Gulf, the fish-farming laboratory project at the Suez Canal University, the Egyptian Chinese school in 6 October City along with another school in Menoufia, as well as a distance-learning project.
Chinese Ambassador to Egypt Song Aiguo assured the continious support toward the projects financed by the Chinese grants through transferring Chinese expertise and technology especially at the economic zone in the northwest of Suez Gulf, which will contribute to its development, creating more job opportunities and increasing Chinese tourists to Egypt.