IN­VEST­MENT MIN­IS­TERS IN CHINA TO JOIN THE BELT AND ROAD FO­RUM

EBRD PRO­VIDE $11M LOAN FOR EGYPT’S CAR­BON HOLD­INGS COM­PANY

The Daily News Egypt - - Front Page - By Hisham Salah

Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion Sa­har Nasr is pay­ing a visit to China to par­tic­i­pate in the fo­rum known as “The Belt and Road”, which is a part of the Silk Road Ini­tia­tive, ac­cord­ing to a press state­ment is­sued on Satur­day.

The min­is­ter is will­ing to meet busi­ness­peo­ple and in­vestors from China and other coun­tries, be­cause more than 110 coun­tries are par­tic­i­pat­ing in the fo­rum.

Nasr said in the state­ment that the bi­lat­eral re­la­tion­ship be­tween Egypt and China is very im­por­tant and pre­cious, es­pe­cially af­ter sign­ing a com­pre­hen­sive strate­gic part­ner­ship agree­ment be­tween both coun­tries dur­ing the visit of Egyp­tian Pres­i­dent Ab­del Fat­tah Al-Sisi in Septem­ber 2015.

It is im­por­tant to note that the pres­i­dent paid an of­fi­cial visit to China on Tues­day as part of his Asian tour to in­crease Chi­nese in­vest­ments in Egypt.

It is an­tic­i­pated that Al-Sisi’s visit will have great im­pact on the bi­lat­eral eco­nomic co­op­er­a­tion be­tween Egypt and China.

Al-Sisi held talks with his Chi­nese coun­ter­part Xi Jin­ping, which led to the sign­ing of a com­pre­hen­sive strate­gic part­ner­ship agree­ment and a co­op­er­a­tion deal that will boost pro­duc­tion ca­pac­ity, state news agency MENA re­ported.

Nasr added that Egypt has to en­hance the re­la­tion with China in or­der to at­tract Chi­nese in­vest­ments in in­fra­struc­ture, ex­plain­ing that China has al­lo­cated $30bn to im­prove the in­fra­struc­ture of the coun­tries lo­cated on the Silk Road.

The min­is­ter, ac­cord­ing to the state­ment, added that she would meet rep­re­sen­ta­tives of the big­gest Chi­nese com­pa­nies to at­tract more in­vest­ments, es­pe­cially in the Suez Canal Eco­nomic Zone.

She will also show the in­vestors the re­forms that Egypt has im­ple­mented, es­pe­cially the new In­vest­ment Law, the state­ment read.

How­ever, it is im­por­tant to men­tion that the Silk Road is an old trade road that links Asia with Africa and Europe, through 60 coun­tries.

From another di­rec­tion, the min­istry has an­nounced that the Euro­pean Bank for Re­con­struc­tion and De­vel­op­ment (EBRD) agreed to pro­vide a loan worth $11m to Egypt Car­bon Hold­ings Com­pany.

The loan will be used to im­prove the stan­dards of man­u­fac­tur­ing to meet the stan­dards of the ISO cer­tifi­cate in the Egyp­tian Com­pany for Hy­dro­car­bon, ac­cord­ing to a press state­ment is­sued on Fri­day by the min­istry.

Nasr said that the loan will be used to es­tab­lish a pi­lot project that will open the door for es­tab­lish­ing a new fac­tory for pro­duc­ing polypropy­lene to Egypt and African mar­kets.

It is worth men­tion­ing that the bank in­vested €2.3bn in 43 projects cur­rently un­der con­struc­tion. This in­cludes the fields of fi­nanc­ing, agri­cul­ture, trad­ing, man­u­fac­tur­ing, in­fra­struc­ture, trans­porta­tion, and sewage.

How­ever, the Euro­pean Bank for Re­con­struc­tion and De­vel­op­ment is con­sid­er­ing Egypt as a coun­try of op­er­a­tion, which means that the bank will al­lo­cate fi­nances for dif­fer­ent types of gov­ern­men­tal and pri­vate sec­tor projects.

THE BI­LAT­ERAL RE­LA­TION­SHIP BE­TWEEN EGYPT AND CHINA IS VERY IM­POR­TANT AND PRE­CIOUS

EGYPT HAS TO EN­HANCE THE RE­LA­TION WITH CHINA IN OR­DER TO AT­TRACT CHI­NESE IN­VEST­MENTS

Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion Sa­har Nasr

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