Egypt is in negotiations with the Export and Import Bank of China (EXIM) to secure a USD15 billion financing package – including commercial and soft loans – for FX reserves support and projects in energy, transport and sanitation, Egyptian Minister of International Cooperation Sahar Nasr said on Sunday. Part of the package is expected to be invested in the infrastructure of the planned new administrative capital, said Nasr. More details on the financial deal will be announced during Chinese President Xi Jinping's visit to Cairo, scheduled to take place from 20 to 22 January, Nasr told Ahram Online in a text message from the Chinese capital Beijing, where she is attending the inauguration of the Asian Infrastructure Investment Bank (AIIB). Earlier on Sunday, Egyptian Ambassador to Beijing, Magdi Amer, said the Central Bank of Egypt is expected to sign a USD1 billion loan deal with China to back its foreign currency reserves, according to state news agency MENA. The National Bank of Egypt and Banque Misr are also seeking USD700 million and USD100 million in loans, respectively, to finance projects and SMEs, Amer added. Egypt also announced last week plans to borrow USD1 billion in a concessional loan from a Chinese bank to finance the establishment of sanitation networks in 260 villages in the Nile Delta, according to housing and utilities minister Mostafa Madbouly. (ahramonline)