China grants Egypt US$200m in credit
Source: Agencies |
August 29, 2012, Wednesday
|
Print Edition
Print Edition
China yesterday pledged US$200 million in credit to Egypt on the first day of President Mohammed Morsi's trip to one of the first countries he is visiting as new leader.
Leaders of the two countries also signed agreements on agriculture, telecommunications, the environment and other areas.
Morsi, an Islamist who took office in June as Egypt's first freely elected civilian president, was welcomed by President Hu Jintao at the Great Hall of the People in Beijing at the start of his two-day trip.
It is Morsi's first state visit outside the Middle East and Africa since becoming president, underscoring China's importance as one of five permanent members of the UN Security Council and as a vital source of trade and investment.
The visit is also seen as part of a reorientation of Egyptian foreign policy away from a heavy focus on Washington.
"Mr President has chosen China as one of his first countries to visit and this fully shows that your country attaches great importance to the desire to develop relations with China," Hu said after a welcoming ceremony.
Morsi was preceded to Beijing by a delegation of 80 Egyptian business leaders who were discussing investment projects with 200 of their Chinese counterparts.
Under pressure
Egypt's economy has been battered by the global economic slowdown and 18 months of political instability, and Morsi is under pressure to attract tourists and investment to put Egyptians back to work.
Revenue from tourism fell 30 percent to US$9 billion in 2011 and foreign investment largely dried up. That has forced the country to seek billions of dollars in assistance from the International Monetary Fund and raised the possibility of a cut in subsidies that keep commodities such as fuel and bread cheap for a population of about 82 million, 40 percent of whom live near or below the poverty line.
Chinese tourists are increasingly traveling farther afield to more exotic locales such as Egypt, while Chinese companies have invested in Egyptian manufacturing and infrastructure, pouring an estimated US$500 million into the country. Chinese companies also import Egyptian oil products and raw materials such as cotton, while exporting automobiles, electronics and other finished goods.
Leaders of the two countries also signed agreements on agriculture, telecommunications, the environment and other areas.
Morsi, an Islamist who took office in June as Egypt's first freely elected civilian president, was welcomed by President Hu Jintao at the Great Hall of the People in Beijing at the start of his two-day trip.
It is Morsi's first state visit outside the Middle East and Africa since becoming president, underscoring China's importance as one of five permanent members of the UN Security Council and as a vital source of trade and investment.
The visit is also seen as part of a reorientation of Egyptian foreign policy away from a heavy focus on Washington.
"Mr President has chosen China as one of his first countries to visit and this fully shows that your country attaches great importance to the desire to develop relations with China," Hu said after a welcoming ceremony.
Morsi was preceded to Beijing by a delegation of 80 Egyptian business leaders who were discussing investment projects with 200 of their Chinese counterparts.
Under pressure
Egypt's economy has been battered by the global economic slowdown and 18 months of political instability, and Morsi is under pressure to attract tourists and investment to put Egyptians back to work.
Revenue from tourism fell 30 percent to US$9 billion in 2011 and foreign investment largely dried up. That has forced the country to seek billions of dollars in assistance from the International Monetary Fund and raised the possibility of a cut in subsidies that keep commodities such as fuel and bread cheap for a population of about 82 million, 40 percent of whom live near or below the poverty line.
Chinese tourists are increasingly traveling farther afield to more exotic locales such as Egypt, while Chinese companies have invested in Egyptian manufacturing and infrastructure, pouring an estimated US$500 million into the country. Chinese companies also import Egyptian oil products and raw materials such as cotton, while exporting automobiles, electronics and other finished goods.
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