Egypt, China Sign USD 71 mn Deals to Launch Egypt Sat II, Training Center in SCZ

Monday, 20th March 2017

Egypt and China sign deals worth USD 71 mn to finance the second phase of establishing Egypt Sat II project and setting up a vocational training center in the Suez Canal Economic Zone, Invest-Gate reports.

Minister of Investment and International Cooperation Sahar Nasr and the Chinese Ambassador to Egypt Song Aiguo have signed the deals. The agreements include a USD 64 mn grant for Egypt Sat II project and USD 7mn grant for establishing a vocational training centre in the Suez Canal Economic Zone.

China is also planning to fund another project worth USD 23 mn to establish a centre for testing satellites.

In March 2013, Egypt and China signed a memorandum of understanding to exchange expertise in establishing satellites.

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