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The ministry also inked four cooperation documents with China International Development Cooperation Agency (CIDCA) Arab Finance: Egypt’s International Cooperation Ministry signed a €250 million financing agreement with the Asian Infrastructure Investment Bank (AIIB) for the development of Alexandria’s Abu Qir Metro, the ministry stated on July 13th. The project costs a total of €1.5 billion, co-financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the French Development Agency (AFD), and the AIIB. The ministry also inked four cooperation documents with China International Development Cooperation Agency (CIDCA) for the supply of equipment for the Ministry of Transport, the establishment of a vocational training center in the Suez Canal Economic Zone (SCZone), and the preparation of a feasibility study for the third level biosafety laboratory for the benefit of the Ministry of Health. In addition, a memorandum of understanding (MoU) on the Global Development Initiative to form an integrated strategy for enhancing cooperation between Egypt and China for three to five years was penned for the first time. This came during the Minister of International Cooperation Rania Al Mashat’s participation in the Development Cooperation Forum, being held in Beijing. Meanwhile, Al Mashat held talks with Chairman of CIDCA Luo Zhaohui, and stressed the importance of strengthening joint cooperation in areas of common interest. The Egyptian minister also met with President of AIIB Jin Liqun in Beijing, where they discussed the need to strengthen partnership between the bank and the private sector in Egypt to enhance the countrys developmental priorities. It is worth noting that the cooperation portfolio between Egypt and China amounts to about $1.7 billion, being directed to implement many projects in various sectors, including electricity, health, and education. |
