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FINANCIAL NEWS
China sovereign fund eyes investment in Egypt
28 Jun 2010
(MENAFN) Egyptian Investment Minister Mahmoud Muhieddin has held talks Jen Likun, the Chairman of China’s sovereign Wealth Fund, which manages around $300 billion, QNA reported.
Emphasis was made during the meeting on the importance of expanding scopes of cooperation and ways of encouraging Chinese investments in Egypt.
Egypt, whose economy has been growing at around 5 percent even during the world financial crisis, wants to push foreign direct investment (FDI) back to around $10 billion a year, the level it hit before the world downturn.
It is worth noting that the China Investment Corp (CIC) was set up in 2007 to seek higher returns on some of China’s pile of foreign exchange reserves.
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