UN Palestine peace conference suspended amid regional escalation    Egypt advances integrated waste management city in 10th of Ramadan with World Bank support    Hyatt, Egypt's ADD Developments sign MoU for hotel expansion    Serbian PM calls trade deal a 'new page' in Egypt ties    Reforms make Egypt 'land of opportunity,' business leader tells Serbia    TMG climbs to 4th in Forbes' Top 50 Public Companies in Egypt' list on surging sales, assets    Egypt, Japan's JICA plan school expansion – Cabinet    Egypt's EDA, AstraZeneca discuss local manufacturing    Israel intensifies strikes on Tehran as Iran vows retaliation, global leaders call for de-escalation    Egypt issues nearly 20 million digital treatment approvals as health insurance digitalisation accelerates    LTRA, Rehla Rides forge public–private partnership for smart transport    Egyptian pound rebounds at June 16 close – CBE    China's fixed asset investment surges in Jan–May    Egypt secures €21m EU grant for low-carbon transition    Sisi launches new support initiative for families of war, terrorism victims    Egypt, Cyprus discuss regional escalation, urge return to Iran-US talks    Egypt nuclear authority: No radiation rise amid regional unrest    Grand Egyptian Museum opening delayed to Q4    Egypt delays Grand Museum opening to Q4 amid regional tensions    Egypt slams Israeli strike on Iran, warns of regional chaos    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt, Serbia explore cultural cooperation in heritage, tourism    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



China to deposit $1 billion in Egypt central bank during Chinese president's visit
Amwal Al Ghad Published in Amwal Al Ghad on 17 - 01 - 2016

Egypt and China are to sign a deal securing a US$1 billion loan for the Egyptian Central Bank during the Chinese president's visit to Egypt, scheduled for next week, the Egyptian ambassador in Beijing announced Sunday.
Ambassador Magdy Amer said the loan is aimed at raising the country's foreign reserves, Aswat Masriya reported citing Egypt's state-run news agency MENA.
Egypt's foreign reserves have been steadily declining since a popular uprising toppled former President Hosni Mubarak in January 2011. Currently standing at around $16.4, foreign reserves were almost $36 billion before 2011.
Chinese President Xi Jinping is set to visit Egypt on Wednesday in the first visit of its kind in 12 years.
Amer said the visit will also include agreements on transport and railway projects, as well as a project for generating electricity from coal.
The two sides will also sign the final deal for building a satellite assembly plant and a technical agreement, which will provide that China participate in manufacturing the second remote sensing earth observation satellite, EgyptSat2, both projects will full Chinese funding.
Egypt's president, Abdel Fattah al-Sisi, signed a Comprehensive Strategic Partnership Agreement with Chinese President Xi Jinping during a visit to China in December 2014.

Clic here to read the story from its source.