Recently, Egypt General Authority for Investment & Free Zones announced the official launch of 90million Yuan Sino-Egypt Cooperation Project.
      
     It is said that the new cooperation project between China and Egypt will promote the advanced technology transfer, including spinning and weaving, and other fields. Dr. Mahmoud Mohieldin, the minister of Investment of Egypt, said that with China-Africa Development Fund for capital investment, the special economic zones will continue to launch new projects, including a 13-million-dollar investment in a motorcycle assembly project, a 40-million-dollar investment in building a power plant, and a 4-million-dollar investment in a tractor assembly plan. 
     
      Dr. Mohieldin said: “This project is based on the improvement of all-round cooperative relations between the two countries, and strongly supported by the leaders of the two countries. This is conducive for Egypt to attract investment from China. China has become one of the 30 largest investors in Egypt. At present, Egypt has 536 enterprises invested by China, including industrial, services, information technology and other fields.”