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China to fund Egyptian development programmes

Egypt has signed an economic and technical agreement with China to access a non-refundable grant to fund development projects for the second year, Daily News Egypt has reported. Under the terms of the deal, China agreed to give Egypt for three years starting in 2013 $24.4m to support social and economic projects. The total value of Chinese development aid programmes in Egypt amounts to $120.3m in non-refundable grants and $304.5m in concessional loans, which have helped in financing development projects in Gulf of Suez, Suez University, Sixth of October and Monofeya.