Egypt signs deal with China for new rail link

Egypt signed a memorandum of understanding with China on Tuesday for Beijing to finance a rail link worth about US$739 million serving a new capital the north African country is building, the Egyptian investment minister said.

The link will connect the new capital, under construction in desert some 45km north of Cairo and so far unnamed, to an industrial zone. The president Abdel Fattah El Sisi in 2015 announced the plans for the new city, which is expected to cost about $300 billion.

_______________

Read more:

Egypt's economic growth more than doubles in quarter

Egypt aims to raise $4bn on international debt market

_______________

Egypt has also signed an agreement for a non-refundable grant from China worth $45m for a research satellite project, said the investment minister Sahar Nasr.

Mr El Sisi this week attended the Brics summit in Xiamen, south-east China.

China used the meeting of the Brics countries - Brazil, Russia, India, China and South Africa - and other developing economies to stress the need to promote trade liberalisation and an open world economy.