Egypt signed a memorandum of understanding with China on Tuesday for
Beijing to finance a rail link worth about $739 million serving a new
capital the north African country is building, the Egyptian investment
minister said. The link will connect the new capital, under
construction in desert some 45 km north of Cairo and so far unnamed, to
an industrial zone. President Abdel Fattah al-Sisi in 2015 announced the
plans for the new city, which is expected to cost about $300 billion.
Egypt has also signed an agreement for a non-refundable grant from
China worth $45 million for a research satellite project, Investment
Minister Sahar Nasr said in a statement. Sisi this week attended the BRICS summit in Xiamen, southeast China.