The US-China trade agreement has contributed to the extension of USD 490 mn (EGP 7.85 bn) worth of foreign investments to Egypt in a single day, state-run MENA news agency reports.  

According to an official source at the Central Bank in Egypt (CBE), the North African country is expected to see further investment inflows, in the wake of the International Monetary Fund (IMF)-backed economic reform program, the news agency said on December 16.  

The covenant, which came after more than two years of on-and-off negotiations between Washington and Beijing, is supposed to slash some US tariffs on Chinese goods in different fields by merely USD 200 bn (EGP 3.21 bn) over the next two years.

“Phase I of the US-China trade deal will also nearly double US exports to China over the next two years and is totally done, despite the need for translation and revision of its text,” US Trade Representative Robert Lighthizer was quoted as saying.