● The Silk Road Fund works to provide support for infrastructure projects and encourage private sector investments in countries located on the Belt and Road project.
● Al-Mashat: Egyptian-Chinese relations have witnessed great development at various levels over the past years.
● The signing of the Global Development Initiative and debt swap paves the way for a new phase of joint cooperation between Egypt and China.
Within the framework of efforts to develop joint Egyptian-Chinese relations, the Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, met with, the President of the Silk Road Fund, Zhou Jun, which works to provide support for infrastructure projects, enhance cooperation with countries located on the Silk Road Project, and encourage investments, trade cooperation and economic relations with those countries, especially the private sector.
During the meeting, Al-Mashat welcomed the delegation during their visit to Egypt, stressing the importance of joint Egyptian-Chinese relations, which have witnessed significant development over the past years based on common interests and the keenness of the leaders of the two countries to advance these relations to meet the aspirations of achieving development. H.E. also indicated the keenness of the Egyptian government to move forward in enhancing Chinese investments in Egypt, benefiting from technological and development expertise, and developing economic and development cooperation.
The two sides discussed the role played by the Silk Road Fund in supporting the implementation of various projects in the countries concerned with the Belt and Road Initiative, and the financing tools it provides were discussed, especially in light of the support it receives from the Chinese administration and the addition of ¥80 billion to the fund’s capital during the third Belt and Road Forum, which was held this year. The sides also discussed how to advance development efforts in Egypt through cooperation with the Fund.
Al-Mashat explained that Egyptian-Chinese relations at the level of development cooperation, although they began in the 1990s, have achieved breakthroughs since 2014, when President Abdel Fattah El-Sisi visited the People’s Republic of China and signed the Comprehensive Strategic Partnership Agreement with the Chinese side. H.E. noted that it is one of the During the joint cooperation, many vital projects are being implemented, including the light sector (LRT), in addition to projects in the education, health, and industrial localization sectors, in addition to cooperation in the field of exchanging experiences and knowledge, including the inauguration of the satellite assembly and testing center. The center is one of the most important projects undertaken and it’s implementation in Egypt through Chinese grants is a milestone in South-South cooperation.
H.E. also touched on the results achieved within the framework of joint cooperation during the current year, most notably the signing of the Memorandum of Understanding of the Global Development Initiative (GDI), which establishes a new phase of joint work with the Chinese side, through which work will be done to formulate an integrated strategy for development cooperation between Egypt and China for 3- 5 years for the first time in light of the joint relations between the two countries, including the areas and projects that will be implemented through the development cooperation program. Another memorandum of understanding in the field of debt swap was signed between the Ministry of International Cooperation and the Chinese Agency for International Development Cooperation, reflecting the strength of the common relations between the two countries.
Al-Mashat stressed the government’s keenness to enhance cooperation with the Chinese side within the framework of the Belt and Road Initiative, and that it is consistent with Egypt’s Vision 2030 in terms of stimulating economic growth, encouraging industrialization, enhancing trade and economic cooperation, and increasing communication. The goals of the initiative are consistent with Egypt’s efforts in continuing to implement national projects that enhance investment opportunities, most notably the Suez Canal Economic Zone projects, which are considered a major axis within the Belt and Road Initiative.
H.E. added that the Belt and Road Initiative is an embodiment of multilateral cooperation, and is working to strengthen partnerships to advance global economic recovery, pointing to Egypt’s interest in supporting the initiative through its joining the Asian Infrastructure Investment Bank (AIIB), and the political leadership’s interest in participating in the Khuzam and Road Forums and Summit.
It is worth noting that in light of the cooperation between Egypt and China in the field of space, the successful launch of the EgySat-2 satellite for remote sensing applications took place from the Chinese Taochan base, after the work of assembling and testing the satellite was completed in June, at the headquarters of the Egyptian Space Agency.