China pledges $3bn to support Egypt power projects

China has promised $3bn in funding to support new and renewable power projects in Egypt.

A memorandum of understanding was signed by the two nations on Friday during a visit to Cairo by Chinese president Xi Jinping, who is on a tour of the Middle East.

Under the terms of the agreement, China and Egypt aim to realize 15 projects in power, infrastructure and transport, for which the total investment could reach $15bn according to Xi.

Egypt’s environment minister Khalid Fahmy said the plans include technology transfer in the area of waste-to-energy, as a way of dealing with Egypt’s annual production of 33 million tonnes of agricultural waste.

In addition, Xi set out a plan for Chinese investment in the Middle East in a speech to the Arab League. The plan includes $10bn in trade credit for joint energy projects, an additional $10bn in soft loans, and a $20bn fund with the UAE and Qatar which would focus on investing in the conventional energy sector. à‚ 

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