World Bulletin / News Desk
Egypt's president will meet his Chinese counterpart in Beijing on Tuesday, seeking in his first state visit outside the Arab world to win badly needed investment and expand diplomatic ties.
Egypt has struggled to boost its economy and secure foreign investment since the uprising last year. It still receives $1.3 billion in annual aid from the United States a year, although most of that goes to the military.
Cairo and Beijing will sign agreements for seven major projects, including a power station, a desalination plant, industrial bakeries and Internet development, according to Egypt's assistant planning minister Nabil Abdel Hamid.
Egypt will also propose development of a high-speed train line between Cairo and Alexandria, Hamid told state daily Al-Ahram.
After his three-day trip Morsi will attend the Non-Aligned Movement Summit in Iran, becoming Egypt's first leader in 30 years to visit the nation.
He will go to Washington next month after attending the UN General Assembly in New York, and Chinese media have highlighted his decision to make Beijing his first official trip outside the Arab world.
Morsi will meet China's Premier Wen Jiabao, Vice President Xi Jinping and top legislator Wu Bangguo on Wednesday.
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
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