Egypt to receive a $200 million grant from China

Egypt expects to sign a $200 million grant deal with China during the latter president’s visit to Cairo scheduled in January 2016, state news agency MENA reported on Thursday citing Sahar Nasr, Minister of International Cooperation.

Chinese President Xi Jinping announced earlier this month $60 billion of financial aid comprising grants and loans for Africa, signaling China's commitment to the continent despite a recent fall in investment.

China is Egypt's second largest trading partner with a value of $5.9 billion in the fiscal year ending July, shows the central bank November bulletin.