Today’s forecast: sunny, with a drizzle of roz: The Industrial and Commercial Bank of China (ICBC) is set to provide Egypt with USD 20 bn in financing over the next 10 years, ICBC’s Africa General Manager Ivy Tsai said at a meeting with Investment and International Cooperation Minister Sahar Nasr, Al Masry Al Youm reported. The financing will be geared towards large scale projects such as the New Administrative Capital, the USD 8.6 bn Hamrawein “clean coal” power plant, a phosphate complex, and a Huawei-run smart city. The funding will be part of a wider USD 35 bn financing program for projects in Africa, of which Egypt will receive the lion’s share. This is would be the biggest investment pledge announced from the Chinese since China Fortune Land Development Company announced a USD 20 bn investment in the new capital, showing us once again that when it comes to the Chinese, it’s go big or go home. Tsai also extended an official invitation to Nasr to visit Beijing in May, to attend a summit on that nation’s One Belt, One Road initiative.

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