Despite the awful pandemic, Chinese firms have been heavily investing in various primary industries in Egypt and funding a number of mega projects in Egypt since March 2020, China Communist Party revealed during a Youth Assembly session.
China invested $14.5 mm in the Egyptian market and sustainable infrastructure projects, according to an official statement released by China’s party this week.
“The Chinese projects in Egypt have not been impacted by the coronavirus pandemic,” the statement noted.
Lately, the two giant nations have inked several agreements concerning trade, investment protection, avoidance of double taxation, etc., and a joint committee on trade and economic cooperation has had three meetings.
In addition to this, they have cooperated for mutual benefits in the fields like economic technology, labor contracts, etc. China has built many projects such as Cairo International Conference Center for Egypt.\
It’s worth mentioning that Egypt is cited as one of the most attractive African countries to Chinese companies, as the China State Construction Engineering Corporation (CSCEC) invested $1.9bn in it in February 2021. The money will be used to build five residential skyscrapers in the city of New Alamein.