Staff report: CAIRO, July 11, 2018 - Foreign Minister Sameh Shoukri said Tuesday that Egypt and the other Arab countries were willing to co-operate with China to implement the Belt and Road Initiative. In his speech at the 8th session of the ministerial meeting of the Sino-Arab Co-operation Forum, he said that Arab-Chinese relations had advanced remarkably since 2004. He confirmed that China has always supported national liberation movements in Arab countries. "Furthering economic relations between both sides is very important for co-operation since China ranks second on the Arab World's list of trade partners," he pointed out. "The Arab countries are the major oil exporters to China," he said, "and the Belt and Road Initiative will help increase trade exchange." Chinese President Xi Jinping Tuesday pledged a package of $20 billion in loans, and about $106 million, in financial aid, to Middle East nations, as part of what he called an "oil and gas plus" model to revive economic growth in the region, according to a Reuters report. Beijing has ramped up engagement in the Middle East in recent years as Arab nations play an important role in Xi's signature Belt and Road foreign policy plan for strong trade routes linking China with central and Southeast Asia. Development was key to resolving many security problems in the Middle East, Xi told a gathering attended by of 21 Arab nations in the Chinese capital. "We should treat each other frankly, not fear differences, not avoid problems, and have ample discussions on each aspect of foreign policy and development strategy," he said. "China will offer aid worth 100 million yuan ($15 million) to Palestine to support economic development and will provide a further 600 million yuan ($91 million) to Jordan, Lebanon, Syria and Yemen," he added. "A consortium of banks from China and Arab nations, with a dedicated fund of $3 billion, will also be set up," he said. It was unclear what the relationship between the bank consortium, financial aid and the overall loan package would be. "The loans will fund a plan of economic reconstruction and industrial revival that will include co-operation on oil and gas, nuclear and clean energy," Xi said. He urged the "relevant parties" to respect the international consensus on the Israel-Palestine dispute, and called for it to be handled in a just manner, so as to avoid regional disruption.
