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Dr Mohieldin Meets With CDB Official

Source: www.export-egypt.com 3/1/2010, Location: Africa

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The Minister of Investment, Dr. Mahmoud Mohieldin, has received vice governor of the China Development Bank (CDB). The meeting, aimed at enhancing the Egyptian-Chinese investment relations, was attended by the head of CDB's Egypt office and CEO of the China-Africa Development Fund (the CADFund), Mr. Chi Jianxin.

The meeting is an occasion to get to know the bank's plan after it had a representation office opened in Egypt last Nov. The Chinese official conveyed CDB governor's appreciation of the Ministry of Investment's efforts supporting the bank's business in Egypt.

They also affirmed the bank's eagerness to boost investment relations and attract more Chinese companies to invest in Egypt.

Dr. Mohieldin believes it is highly important to draw upon CDB representation in Egypt.

"CDB presence in Egypt should be better employed in getting connected to Chinese investment corporations and developing Egypt-China investment ties at bilateral and regional levels," said Dr. Mohieldin.

CDB official said CDB governor had welcomed Dr. Mohieldin's invitation for the bank to participate in the COMESA's 3rd Investment Forum, to be held in Sharm el-Sheikh in April, under the auspices of President Mubarak.

He said the bank is very interested in witnessing that big event as part of cementing the Egyptian-Chinese-African cooperation in all fields.

CDB senior official also said the bank would soon unveil a $one billion program to finance small and medium enterprises (SMEs) in Africa, given SMEs' key role in creating job opportunities.

"The Egyptian side is interested in supporting SMEs, either through the establishment of a specialized stock exchange – the Nilex – or the establishment of a fund to support such enterprises with a capital of EGP one billion," Dr. Mohieldin said.

"The General Authority for Investment (GAFI) will coordinate with the CDB and discuss ways of cooperation in this area," he added.

It was agreed to launch a program of cooperation with the CDB to promote economic and investment cooperation and push work in the North-West Suez Gulf Economic Zone (SEZONE).

The meeting also discussed how to use the outcome of meetings and contacts with the CDB senior officials in promoting joint economic and investment projects and achieving the most use of the CDB to implement major development projects in Egypt and Africa.

It was also agreed to develop the partnership program with the CADFund in order to expand areas of cooperation, especially in infrastructure, construction, transportation, electronic industries, communication and technology, textiles, chemical and engineering industries, in addition to areas of value added to the Egyptian economy, and which would provide new employment opportunities for young people, and update economic activities.

There is continued progress in the Egyptian-Chinese relations. Chinese investments in Egypt have significantly grown in recent years. The number of companies with Chinese capital reached 1022 until the end of Dec. 2009, of which 85 percent were established during the last five years.

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