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.