Egypt, China sign $739M deal, $45M grant for 2 projects

Cairo – Egypt and China signed two agreements with $739 million in funding and $45 million in grant, on the sidelines of the ninth annual BRICS summit, Egypt’s Minister of Investment and International Cooperation Sahar Nasr said Tuesday.

The first agreement is for an electric train that connects the 10th of Ramadan City and the New Administrative Capital with the cost of $739 million, Nasr explained.

Meanwhile, the second agreement entails providing $45 million in non-refundable grant for the establishment of Egypt’s second satellite “Egypt Sat 2”.

China will establish the train with its 11 stops and provide the wagons with a $740 million loan, to be repaid over a period of 15 years, with a grace period of five years, local media reported earlier this year.

The electric train will connect with the third line of the subway in Salam City, linking the cities of Greater Cairo, Obour, Shorouk, Badr, and the New Administrative Capital through the 10th of Ramadan City.

President El-Sisi headed to China Sunday to take part in the BRICS summit upon an invitation by President Xi.

The Shanghai-based BRICS group comprises the large fast-growing nations Brazil, Russia, India, China and their most recent member, South Africa.

The five nations have a combined nominal GDP of $16.6 trillion, equivalent to approximately 22% of the gross world product, combined GDP of around $37 trillion and an estimated $4 trillion in combined foreign reserves.