BRI Boosts Chinese Investments In Egypt

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The Belt and Road Initiative (abbreviation of theSilk Road Economic Belt and the 21 Century Maritime Silk Road) has boosted
Chinese investments and engagement in a series of projects in Egypt, an
Egyptian economic expert has said. Nov. 16 -- The Belt and Road Initiative (abbreviationof the Silk RoadEconomic Belt and the 21 Century Maritime Silk Road) has boostedChinese investments and engagement in a series of projects in Egypt, an
Egyptian economic expert has said. "When international cooperation isbased on the win-win rule, you will not find opponents in such cooperation,
that is the case with the BRI," economic expert Walid Gaballah, who is
also a member of the Egyptian Association for Political Economy, told Xinhua in
a recent interview. China was inspired by the spirit of thepast to create the future by "reviving the ancient Silk Road in the form
of two trade corridors, connecting Asia, Europe and Africa with trade,
economic, cultural and intellectual links," he added. People work at a ceremony for the first capped building inthe Central Business District (CBD) project in New Administrative Capital,
Egypt, on March 15, 2020. (Xinhua) Proposed in 2013, the China's silkroad economic belt and the 21st Century Maritime Silk Road(abbreviated the Belt and Road Initiative)aims to build trade and infrastructure networks connecting Asia withEurope and Africa on and beyond the ancient Silk Road routes. The Egyptian expert noted that theinitiative is a "multi-axis integration framework based on dialogue that
is meant to make a better future for all." The initiative is pumping huge investmentsinto Silk roadeconomic belt countries along the route to create more jobs andachieve more growth, Gaballah said. He added that the initiative hasconsolidated Egypt's partnership with Chinese companies in implementing mega
projects such as the huge Central Business District in the new administrative
capital, solar power stations as well as the project to establish an integrated
Chinese textile city in Sadat City.

Administrative Capital, Egypt. (Xinhua) "Such projects reflect successfulcooperation between Egypt and China within the framework of the initiative to
get the most benefits for both parties," Gaballah said, adding that the
initiative led to an increase in Chinese investments in Egypt. According to the Chinese Embassy in Egypt,China-Egypt trade volume reached 6.69 billion U.S. dollars in the first half of
2020, up 2.7 percent year-on-year, while China's total investments in Egypt
exceed 7 billion dollars. In Gaballah's view, the BRI is a frameworkthat regulates the common desire of China and Egypt to enhance economic
cooperation. He believes that the initiative will beincreasing popular in Egypt. For example, the Chinese textile project in Sadat
City, which aims to establish more than 500 factories, will create about
160,000 job opportunities for local people.
(Xinhua/Wu Huiwo) As for the importance of the initiative to Silk Road Economic Belt roadeconomic belt countries, Gaballah said the BRI provided anopportunity for further cooperation between China and Africa through the
platform of the China-Africa Cooperation Forum. The expert stressed that the BRI is notonly a development initiative, but will also help boost friendship and trust
between people. China has provided medical supplies toAfrica and shared its experience in combating COVID-19 with African countries,
he noted, adding that Africa's confidence in China's support has contributed to
the success of the initiative. Source: