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Read Full Issue Egypt + China look to boost economic ties: Egyptian Prime Minister Mostafa Madbouly met with Chairman of the Standing Committee of China Zhao Leji and other high-level Chinese officials to discuss strengthening economic relations between the two countries, according to a statement. The meeting took place on the first day of the Belt and Road Forum in Beijing. Egyptian Transport Minister Kamel Al Wazir presented projects that are underway to modernize ports and transportation networks, which the statement said are consistent with the objectives of the Belt and Road Initiative.
China + GCC are also eyeing stronger trade cooperation: Chinese and GCC commerce ministers held talks in Guangzhou, China to discuss enhancing bilateral trade, KUNA reports, citing a joint statement. The meeting highlighted the need for a “multidimensional” trade system connecting the GCC and Beijing, as well as the adoption of digital platforms to handle logistics and storage services.
ALSO FROM THE BRI FORUM-
China reboots its Belt and Road initiative: Chinese President Xi Jinping has promised more than USD 100 bn in new financing for developing economies, the Associated Press quoted him as saying at the opening of the Belt and Road Initiative (BRI) Forum last week. Two Chinese-backed development banks, the China Development Bank and the Export-Import Bank of China, will each set up CNY 350 bn (USD 47.9 bn) financing windows, with an additional CNY 80 bn (USD 11 bn) put towards Beijing's Silk Road Fund to support the BRI, the outlet writes. China will also remove restrictions on foreign investment access in the manufacturing sector, AP cites Xi as saying.
REMEMBER- China plans to tap a bigger pool of lenders for financing following a pullback in loans from China’s large policy banks, while also focusing on much smaller, greener projects, for its new iteration of the initiative.
ALSO WORTH KNOWING-
- Kazakhstan’s Trade and Integration Minister Arman Shakkaliyev has is planning to boost its trade with the UAEthreefold, eyeing a target of USD 1 bn. (Wam)
