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Last Updated : GMT 09:32:22
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Morsi in stragetic Beijing visit

$23 grant from China to aid Egypt development

Arab Today, arab today

Arab Today, arab today $23 grant from China to aid Egypt development

Egyptian President Mohamed Morsi
Cairo - Akram Ali

Egyptian President Mohamed Morsi On Monday, President Mohamed Morsi begins an important visit to China, which is the first visit by the President of Egypt after the revolution. The aim of the visit is to enhance relations between the two countries in various fields and will hold summit talks with his Chinese counterpart Hu Jintao and meet a number of senior officials. Seven major development projects come at the top of the Egyptian-Chinese talks.
The President will meet members of the Egyptian community in China as part of a policy to communicate with Egypt’s citizens abroad and listen to their demands and proposals to participate in the process of development and investment, said Dr Yasser Ali, a spokesman for the presidency.
The President is accompanied by seven ministers and seventy businessmen to participate in the talks that aims to increase Chinese investments in Egypt and increase Egyptian exports to the Chinese market.
The Minister of Planning and International Cooperation in Egypt Dr Ashraf  al-Araby confirmed that an economic technical cooperation agreement will be signed, whereby China provides to Egypt a non-repayable grant of $23 million for the implementation of projects agreed upon by the two sides in accordance with the priorities of the economic development plan.
Nabil Abdel Hamid, Assistant Minister of Planning and International Cooperation for Asian Affairs said in a report published by "al-Ahram" in its Monday edition, the two sides will sign a memorandum of understanding containing the discussion the financing of the important seven development projects. The memorandum includes: the establishment of power station in Kom Ombo, the dissemination of broadband internet, the establishment of twenty seven horizontal silos to store grain and wheat, to avoid wasting about 30 percent of the inventory, a plant for seawater desalination in Marsa Matrouh, three automatic bakeries in three different governorates and complete the development of the National Theatre, or the National Project of Cinematheque and the Museum of Egyptian cinema at Prince Omar Toson Palace in Shubra.
He explained that mutual letters will be signed to supply hundred and fifty rescue vehicles, and hundred and fifty police microbus equipped for deportations. Transport Minister, Dr Mohammed Rashid Mutaina said: Egypt will present the project of high-speed train between Cairo and Alexandria, which cuts the distance in 40 minutes which would expanded to upper Egypt governorates, especially Luxor and Hurghada to stimulate tourism.
The minister pointed out that there will be cooperation between the two sides to turn the center and the North and South entrance of the Suez Canal to logistic centers to serve global trade.
The Minister of Industry and Foreign Trade, the engineer Hatem Saleh, explained the talks will address the contribution of China in the plans of development of International Fairground in Nasr City, and the establishment of a specialized exhibition in Luxor, Sharm el-Sheikh and Alexandria.
Egypt’s presidential spokesman, Yasser Ali said that usually Mr President communicate with Egyptian communities away from home and the conclusion of his visit to China on Wednesday, will include a meeting with the Egyptian community to listen to their suggestions and to identify their problems, as well as inform them of the most important developments in domestic scene in Egypt.
The volume of trade between the two countries was $ 8.8 billion last year, registering an increase of 40% compared with 2008, according to the Ministry of Commerce. Observers believe the visit reflects the attention of the Egyptian administration to be open again with the new world, focus on economy and trade, attract investment and boost tourism, because of China's leading reputation in this direction and the significant presence that cannot be ignored in the global markets.

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