The Chinese government is set to pump in around $40 billion into big development projects in Egypt as part of its ambitious One Belt One Road (OBOR) initiative, said a report.

The investment will be made through Silk Road Fund, considered the largest investment fund in China, reported Daily News Egypt, citing a senior Chinese official.

China's President Xi Jinping has pledged $124 billion for the OBOR initiative, stated Jin Qi, the chairperson of the Silk Road Fund, on the sidelines of a major forum in Beijing.

Chinese government will look into ways Egypt can benefit from the financial opportunities offered by the fund to the states on the Silk Road within the initiative to reactivate it, remarked Qi during his meeting with Minister of Investment and International Co-operation Sahar Nasr.

They also discussed the possibility of cooperating with several international financing institutions to support projects and establish joint projects between the private and public sectors.

Nasr lauded the strategic and developmental relations between Egypt and China, expressing their readiness to enhance China’s position among the countries investing in Egypt.

There are 1,300 Chinese companies working in Egypt, stated the Daily News Egypt report.

The Egyptian minister has presented several economic and development projects that are considered the government’s priority during this period. They included the new Suez Canal Economic Zone (SCZone) and several transportation projects, it stated.

During the meeting, both of them agreed to carry out cooperation between the ministry and the fund to finance Chinese investments in Egypt in the field of infrastructure, construction, and joint projects between the private and public sectors through injecting Chinese investments to activate projects, increase entrepreneur incubators, and develop the skills of young people in emerging projects in investment zones.

Nasr also invited Qi to visit Egypt or send a delegation to personally see the progress of its projects.