Egypt to offers investments to China fund

15 Jun 2010

(MENAFN) Egyptian Investment Minister Mahmoud Mohieldin said that the government plans to offer China?s $300 billion sovereign wealth fund opportunities to invest in major infrastructure projects, AP reported.

Unlike other African countries such as Sudan, Egypt has seen minimal investment from China. Of the $8.1 billion of foreign direct investment that the Arab country attracted in the fiscal year ending June 2009, China contributed $60 billion.

The Trade & Industry Ministry said in February that it expects to attract $15 billion of investments in new industrial zones located in cities such as Tenth of Ramadan, Sadat and Bourj Al-Arab.

The government expects the economy to expand more than 5 percent this fiscal year, compared with 4.7 percent the previous year, driven by tourism and construction.

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