China to Invest $18 Billion to help Rebuild Egypt

China will be investing $18 billion into rebuilding Egypt, a decision that will surely help the country's economy rebound.

The agreements were signed on Thursday during Chinese President Xi Jinping's Middle East tour stop in Cairo, Egypt, which marked the first time in more than 10 years that a Chinese President has visited Egypt. The meeting took place a few days prior to the anniversary of the uprising against former leader Hosni Mubarak on Jan. 25, 2011.

"China supports Egypt's efforts to maintain stability, develop the economy and improve livelihoods, and ... play an even greater role in international and regional affairs," President Xi said, according to China's foreign ministry reported by Reuters.

Egyptian President Abdel-Fattah el-Sisi welcomed China's involvement, stating that he is proud of his relationship with President Xi. The economic growth in Egypt has been stalled since 2011 when political turmoil scared off foreign investors and tourists. During these past few years, Egypt's economy relied heavily on Saudi Arabia and the United Arab Emirates.

The 21 agreements include several development projects involving electricity and transportation as well as infrastructure plans. One of these projects will be the Suez Canal.

President Xi also detailed his plans for the region.

Per Reuters:

"China would dedicate $15 billion in special loans to boost industrial production in the region, $10 billion in trade credit for joint energy projects and another $10 billion in soft loans, Xi said.

China would also set up funds with the UAE and Qatar worth a total $20 billion to invest in conventional energy. It will extend its contracts to buy oil from the region and dedicate $300 million to helping train police, Xi said."

President Xi's tour, which began in Saudi Arabia, will end in Iran.