(From AFP)

Chinese President Xi Jinping announced Thursday billions of dollars in special loans and investments in the Middle East as Beijing seeks to boost its economic ties and clout in the region.

China Egypt flags

Xi offered China’s financial support in an address to the Cairo-based Arab League after holding talks with Egypt’s President Abdel Fattah al-Sisi during his first tour to the Middle East as president.

Xi arrived in Cairo late Wednesday from Saudi Arabia and will travel on Friday to Iran, the last leg of his three-nation tour.

Xi offered $55 billion in loans and investments to the Middle East.

“China will offer $15 billion (13.8 billion euros) as special loans for industrial projects in the Middle East,” he told the Arab League.

Another $10 billion would be provided as commercial loans to boost cooperation in the energy sector and an equivalent amount will be offered as preferential loans, he said.

Xi also announced the establishment of a common investment fund worth $20 billion for Qatar and the United Arab Emirates. Read more

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