Egypt secures USD1.067B worth of projects at China-Africa Forum
(MENAFN) During the Forum on China-Africa Cooperation, Egypt's Suez Canal Economic Zone has finalized contracts totaling USD1.067 billion for various projects, which are set to bolster the country's production capabilities in chemicals, food products, and renewable energy components. These agreements are anticipated to generate over 3,000 direct jobs, as announced by the prime minister's office on Friday. The Forum, the largest diplomatic gathering hosted by Beijing since the Covid-19 pandemic, features more than 50 African leaders and UN Secretary-General Antonio Guterres, according to state media.
The event has facilitated a range of agreements aimed at enhancing cooperation across multiple sectors including infrastructure, agriculture, mining, trade, and energy. Notably, Chinese President Xi Jinping has committed USD50 billion in funding for African projects over the next three years. This pledge underscores China's intent to strengthen its partnerships with the continent, particularly in infrastructure and trade.
Among the significant deals secured, one involves a USD300 million investment to establish a glass production plant in collaboration with China Glass Holding Company. This project aims to support industries associated with renewable energy and is projected to generate annual export revenues of USD120 million.
MENAFN09092024000045015682ID1108651382
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.