Egypt to receive $1 billion from China

Egypt is set to receive a 1 billion US dollar loan from China this week to help shore its foreign reserves.

The two countries are anticipated to sign agreements extending 1.8 billion US dollars in loans during Chinese President Xi Jinping’s first visit to Africa this year.

The visit by the world’s second largest economy is aimed at bolstering ties between the two nations.

“The China-Egypt relationship is a comprehensive strategic partnership. President Xi’s visit takes place at a time when the two counties’ relations have marched into a new phase, which will greatly deepen the development of the two nations’ friendly cooperation in sectors including politics, economy, culture, and tourism. The visit will bear more concrete fruits to the [comprehensive strategic] China-Egypt relationship,” said Song Aiguo, Chinese Ambassador to Egypt.

Jinping and Egyptian President Abdel Fattah Sisi are expected to discuss an array of Egyptian projects that will aid the country to restore itself to its former glory before the infamous 2011 uprising.

The visit by President Xi is part of a three country tour aimed at consolidating ‘‘traditional friendship’‘ and cordially strengthen mutually beneficial partnership. The Chinese president is currently in Saudi Arabia for the first leg of his tour before proceeding to Egypt and later to South Africa.

During a press conference held by the Chinese Foreign Ministry, Vice Foreign Minister Zhang Ming said, ‘‘the visits will have a significant and profound impact on the relationship between China and the three countries mentioned above along with other countries in the region.’‘