The inking of the MoUs is an interpretation of the recommendations of the latest BRICS summit, Transport Minister Hisham Arafat said.

Arafat added that road and logistic projects and extending railway lines are important for development.

Developing Safaga Port is a promising project that helps in easing trade movement, he said.

Safaga Port is pivotal for transit trade, he said, adding that the multi-purpose station will serve in increasing the annual number of general containers being handled from half a million at present to 5 million once the project is completed.

The port is also essential for transferring goods as it is linked with railways via Qena-Safaga line and Qena-Abu Tartour line, he added.

Arafat said that Nuweiba Port is a major trade port in the Gulf of Aqaba and the new mutli-purpose station, which will be the first of its kind in the area, will help it play a better role in increasing the flow of trade between the Arab Mashreq and Maghreb and serving the Chinese Belt Road initiative.

Investments in the two ports are worth $750 million, he also said.

Arafat added that the yachts marina in Sharm el Sheikh is an integrated project that aims at promoting tourism, noting that its construction cost is estimated to hit $500 million. 

CRBC is one of four large state-owned companies in China which early entered the international project contracting market. It mainly focuses on the contracting of such projects as roads, bridges, ports, railways, airports, tunnels, water conservancy projects, municipal works and dredging works both inside China and abroad.