Sep 06, 2018 06:58 PM

Egypt Emerges as China’s Africa Bulwark with $9.6 Billion in Deals

Oil storage tankers are seen in Egypt. Photo: VCG
Oil storage tankers are seen in Egypt. Photo: VCG

One of China’s leading infrastructure builders announced plans for two major projects in Egypt worth nearly $10 billion combined, marking one of the largest such investments under Beijing’s plan to export its building prowess to other developing nations.

The pair of deals will see China State Construction Engineering Corp. (CSCEC) build a $6.1 billion oil refining and petrochemical complex, as well as a $3.5 billion commercial area in a new Egyptian administrative capital being built about 50 kilometers (31 miles) from Cairo, CSCEC said in an announcement (link in Chinese) of the two deals.

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