China to invest in Egypt
01 June 2017
The Chinese government is set to pump in around $40 billion into big development projects in Egypt as part of its ambitious One Belt One Road (OBOR) initiative, said a report.
The investment will be made through the Silk Road Fund, considered the largest investment fund in China, the Daily News Egypt reported, citing a senior Chinese official.
Jin Qi, the chairperson of the Silk Road Fund, said that China’s President Xi Jinping has pledged $124 billion for the OBOR initiative, according to the report.
Qi, whose comments came during a major forum in Beijing, also said China will look into ways Egypt can benefit from the financial opportunities offered by the fund, during a meeting with Egypt’s Minister of Investment and International Co-operation Sahar Nasr.
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