China signs financing deals worth at least $1.7 billion with Egypt

People and vehicles are seen in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank, in the Fifth Settlement districts of New Cairo March 30, 2013. REUTERS/Amr Abdallah Dalsh

CAIRO (Reuters) - China and Egypt will sign 21 deals on Thursday including a $1 billion financing agreement with Egypt’s central bank and a $700 million loan deal with the state-owned National Bank of Egypt.

Ministers from the two countries began signing the agreements, many of them memorandums of understanding, at a meeting in Cairo during a visit by Chinese President Xi Jinping.

The deals span a raft of infrastructure investments including an agreement between Egypt’s Housing Ministry and a Chinese developer to work on the first phase of a new Egyptian administrative capital.

Reporting by Ali Abdelaty and Lin Noueihed, Editing by Ahmed Aboulenein