Egypt’s Minister of International Cooperation, Dr. Rania Al-Mashat, announced the start of the electrical interconnection project between Egypt and Saudi Arabia, which comes within the framework of bilateral cooperation to enhance economic integration and stimulate joint investments.
“Work is currently underway to implement electrical interconnection projects with Saudi Arabia,” she said, noting that those aim to support the energy capabilities of the two countries and enhance regional integration in the field of energy.
The minister stressed that the electrical linkage between Riyadh and Cairo would contribute to strengthening the position of the two capitals, as two main hubs for the comprehensive Arab interconnection, with a contribution from Arab financing institutions estimated at $484 million.
Al-Mashat pointed to constructive cooperation with the Saudi Fund, along with Arab financing funds to support comprehensive development in the Sinai Peninsula, and the implementation of many major projects in the fields of water desalination, water treatment, agricultural and rural development, and education.
The Egyptian minister was speaking to Asharq Al-Awsat on the sidelines of the Arab-China Business Conference, which concluded on Monday in Riyadh.
She said in this context that more than 2,000 Chinese companies were investing in Egypt, adding that her government was working on more incentives to attract foreign direct investment.
China is the largest trading partner of the Arab countries, Al-Mashat remarked, pointing that her country has become a founder of the Asian Infrastructure Investment Bank (AIIB), which seeks to support global development and provide financing for the Belt and Road initiative.
The Egyptian minister said that Cairo and Beijing have a strong relationship, indicating that the volume of Chinese investments in Egypt exceeded $8 billion.
She indicated that the objectives of the Belt and Road initiative launched by China converged with the development goals and priorities set by the Egyptian authorities, in terms of enhancing economic integration with friendly countries, developing infrastructure, and implementing mega projects that strengthen Egypt’s position as a logistics center in the region.
Al-Mashat emphasized that efforts and measures to improve the investment climate and stimulate more foreign investments in the Suez Canal economic zone represented an attractive factor for Chinese investments and enhanced the economic integration within the Belt and Road initiative.
