EGYPT · TRADE
Key Facts
—What happened Egypt and China agreed to launch a third phase of their joint industrial zone inside the Suez Canal Economic Zone. President Abdel Fattah el-Sisi announced it at the start of talks with Xi Jinping in Cairo on September 2.
—The swap The central banks renewed their currency swap in June and enlarged it from 18 billion yuan (about US$2.65 billion) to 30 billion yuan (about US$4.4 billion), and the two leaders called for more trade settled in local currencies.
—What the zone will make The new phase covers renewable energy, car manufacturing, textiles and chemical fibres, with a wider localisation list adding electric vehicles, shipbuilding, solar panels, wind towers and water desalination.
