Egypt signed a memorandum of understanding with China on Tuesday for Beijing to finance a rail link worth about $739 million serving a new capital the north African country is building, the Egyptian investment minister said.
The link will connect the new capital, under construction in desert some 45 km north of Cairo and so far unnamed, to an industrial zone. President Abdel Fattah al-Sisi in 2015 announced the plans for the new city, which is expected to cost about $300 billion.
Egypt has also signed an agreement for a non-refundable grant from China worth $45 million for a research satellite project, Investment Minister Sahar Nasr said in a statement.
Sisi this week attended the BRICS summit in Xiamen, southeast China.
China used the meeting of the BRICS countries - Brazil, Russia, India, China and South Africa - and other developing economies to stress the need to promote trade liberalization and an open world economy.
Also Read
-
Eyeing rapid results, Egypt takes charge of building new capital
Built to escape Cairo's overcrowding and pollution, the new administrative capital was expected to cost a total $300 billion Business -
Egypt unveils plans for new administrative capital
The new capital east of Cairo is expected to house five million people Business -
Egypt plans to build new administrative capital east of Cairo
Announcing the project at an international investment conference, Mostafa Madbouli said the goal included creating 1.1 million housing units Property -
Egypt doubles ticket price on Cairo metro, angering commuters
Egypt doubled the price of tickets for millions of commuters on Cairo’s loss-making metro on Thursday, angering residents already hit by a sharp ... Economy
