The Chinese Ambassador to Cairo, Liao Liqiang, revealed that a Chinese company has announced an investment worth US$1.6 billion to establish an industrial complex aiming to produce phosphate fertilizers in Egypt.

“The first phase of the project aims to extract two million tons of phosphate annually and convert the entire production into fertilizers that can be exported to global markets,” Liao said in a post on his official account on the “X” platform on Tuesday.

The Chinese ambassador added that, “The total investment is expected to reach $10 billion with a final production capacity of 10 million tons per year.”

Liao explained that the new project will be built between Luxor and Aswan, and that “the first phase is expected to be completed within a year and a half, providing more than 3,000 direct job opportunities.”

He revealed that the entire production of this project will be allocated for export, “which will increase Egypt’s foreign exchange earnings.”

The Chinese ambassador continued: “The company (Asia Potash) plans to cooperate with green ammonia projects to provide the necessary energy for the complex, which will enhance the production of environmentally friendly fertilizers.”

He stated that this Chinese-Egyptian cooperation opens new doors for economic development and enhances the well-being of local communities through investment in education and infrastructure.