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China to provide $19.3m of aid to Egypt

China to provide $19.3m of aid to Egypt

Updated: 2012-04-13 10:55


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CAIRO - China will provide an aid worth $19.3 million to Egypt in a support of the latter's economic projects, according to two agreements signed here on Thursday.

Under the economic and technological cooperation deal, China will offer 90 million yuan ($14.3 million) of financial aid to fund a number of Egyptian projects, said Chinese ambassador Song Aiguo.

Under another agreement, China will build a park in southern Egypt's Luxor city, an investment of some 32 million yuan ($5 million).

Song said the agreements manifested the friendship between the two countries and that China will continue to work with Egypt to promote bilateral cooperation on a win-win basis.

Egypt's Minister of Planning and International Cooperation Fayza Mohamed Naga expressed his appreciation for China's numerous aid to Egypt in different sectors for the past few decades.

The trade between China and Egypt is increasing rapidly in recent years. In 2011, the bilateral trade hit $8.7 billion, 26 percent up year-on-year.