Egypt’s Suez Canal announced a deal on Thursday with a Chinese company to build a steel and iron factory. The agreement is one of a few Egyptian and Chinese entities have signed recently and demonstrates China’s growing footprint in Egypt.
The Suez Canal Economic Zone said China’s Xinxing Ductile Iron Pipes Corporation will invest $2 billion to build a cast iron pipe and steel production facility in the zone. The purpose of the project is to make Egypt a hub for cast iron pipe production, Egypt’s state-owned news outlet Al-Ahram reported.
