09:57 GMT +324 October 2016
    President Xi Jinping of China addresses attendees during the 70th session of the United Nations General Assembly at the U.N. Headquarters in New York, September 28, 2015

    China to Lend Egypt Banks $1.8Bln During Xi Visit - Egyptian Envoy to China

    © REUTERS/ Carlo Allegri
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    China and Egypt will sign agreements extending $1.8 billion in loans to a range of Egyptian banks, local media cited Egypt's ambassador in China as saying Monday.

    CAIRO (Sputnik) — Xi is due in Cairo on January 20-22 in the first visit by a high-level Chinese official in over a decade, Egypt's Ambassador in Beijing Magdy Amer told Egypt's MENA news service.

    "It is expected that China will sign with the Central Bank of Egypt an agreement on a loan of $1 billion to strengthen its reserves in foreign currency, as well as an agreement to provide $700 million to the National Bank of Egypt Al-Ahly. This line of credit to finance future projects," Amer said.

    The Banque Misr will receive a $100 million loan to finance small- and medium-sized business projects, he added.

    Egyptian President Abdel Fattah Sisi has visited China twice in his tenure, both times in 2015.

    Xi travels to Egypt as part of a wider regional tour this week, which includes stops in Saudi Arabia and Iran.

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    • cast235
      MY POINT. Why Russia didn't covered this? That China partnership sound more and more, like a way to sneak around. Russia could had done that.
      RUSSIA MUST wake up. No invitation for partnership? WOW. But go ask Russia for half participation? Next time.. NO.
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