China spends $2bn in Egypt

Cairo: The Egyptian government has signed a contract to establish the first Chinese investment zone in the city of Suez, designed to attract investments of more than two billion dollars, in a move that will restore confidence in the investment climate of the country.

The agreement is a part of a plan to develop the economic zone of the northwest Gulf of Suez, Egypt, which in turn comes within an ambitious project to develop the shoreline of the Suez Canal from a waterway into a major economic zone and raise its resources to $100bn annually.

According to the agreement signed on Saturday, the Chinese company Egypt TEDA will work on the development of 6 sq km in the economic zone of the northwest Gulf of Suez.  [28/04/13]

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