China and Egypt on Monday signed a grant worth $71 million to establish an Egyptian satellite and training center for the Suez Canal Economic Zone Authority.

China was represented by its ambassador to Cairo, Song Aiguo, and Egypt by its Minister of International Cooperation Sahar Nasr. The agreement was inked in Cairo.

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Of the $71 million grant provided, $64 million will be allocated to feasibility studies for the second phase of the second Egyptian satellite for Remote Sensing (Egypt SATII). The remaining $7 million will be used to build a vocational training center at the Suez Canal Economic Zone.

The two grants are China's latest provision for Egypt in the last five years, totaling to $267 million.

"China is considered among the leading countries in the field of space technology and remote sensing," Nasr said, further emphasizing the importance of benefitting from China's experience in space technology and remote sensing fields.

All common agreements between the two countries function as an activation to the cooperation deals signed during Chinese President Xi Jinping's visit to Egypt in January 2016, Nasr said, according to Egyptian Streets.

Both leaders signed a number of cooperation deals worth around $15 billion, including the construction of Egypt's new administrative capital and the development of an industrial and commercial hub at the Suez Canal. China is also participating in Egypt's power generation projects.

China and Egypt have been establishing closer ties over the past years as part of Beijing's One Belt One Road initiative to secure China's maritime access to the Mediterranean Sea through the Suez Canal, according to SpaceWatch. China apparently is Egypt's economic lifeline after it faced economic trouble in the aftermath of a political turmoil that occurred in 2011.

Tagschina, Egypt, suez canal, One Belt and One Road initiative, Egypt SATII, Egypt satellite