Egypt and China Strengthen Cooperation on Sustainable Development and Concessional Financing

Egyptian Minister of International Cooperation, H.E. Dr. Rania Al-Mashat, met with the Vice President of the Export-Import Bank of China, Dr. Zhang Wencai, to discuss joint cooperation in light of the development of Egyptian-Chinese relations. The meeting, held during the 2023 Annual Meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh, aimed to advance sustainable development and stimulate concessional development financing. The two sides discussed various aspects of joint cooperation, including the development of joint cooperation efforts in financing the electric train (LRT) project, and future cooperation in the field of health and civil aviation.

Key Takeaways:

• The meeting emphasized Egypt's appreciation for Egyptian-Chinese relations and the importance of strengthening joint efforts to advance sustainable development and stimulate concessional development financing.
• The Minister of International Cooperation highlighted the government's commitment to achieving integration and coordination between development partners to maximize economic and social benefit from development financing.
• The two sides discussed opportunities for joint cooperation, including the development of a 3-5 year integrated strategy for development cooperation between Egypt and China.
• The Export-Import Bank of China expressed its keenness to explore cooperation opportunities with Egypt and cooperate with other development partners in stimulating blended financing that enhances development efforts in areas of common interest.
• The Ministry of International Cooperation is working to push for more joint cooperation with multilateral and bilateral development partners to support the national development agenda consistent with the United Nations SDGs.
• Egypt has a cooperation portfolio with China worth around $1.7 billion to implement various development projects, including electricity, health, education, and vocational training.

Statistics:

• $1.7 billion: The value of Egypt's cooperation portfolio with China to implement various development projects.
• 3-5 years: The proposed duration of the integrated development cooperation strategy between Egypt and China.
• 100%: The scope of the cooperation portfolio with China, covering various development sectors such as electricity, health, education, vocational training, and others.

Sources:

• Egyptian Ministry of International Cooperation
• Export-Import Bank of China
• Asian Infrastructure Investment Bank (AIIB)
• United Nations (SDGs)