CAIRO — The China-proposed Belt and Road Initiative (BRI) has significantly contributed to economic growth across participating nations, according to Egyptian economic expert Waleed Gaballah. A member of the Egyptian Association for Political Economy, Statistics and Legislation, Gaballah praised the initiative for its transformative effects on infrastructure, trade, and technology.
Launched in 2013, the BRI aims to reshape global trade by injecting substantial investments into participating countries, fostering a broader and more affordable exchange while stimulating industrial growth and job creation. Gaballah emphasized that the BRI’s focus on infrastructure, along with its inclusion of social sectors like health and education, sets it apart from other global initiatives.
“The BRI has a well-planned, adaptable timetable, ensuring that its implementation avoids impulsive actions and undue caution,” Gaballah told Xinhua News Agency. He further noted the initiative’s extensive reach, with over 150 countries and 30 international organizations having signed cooperation agreements with China.
Gaballah commended China’s commitment to equitable and mutually beneficial economic cooperation, stating that China aims to share the benefits of the BRI with all participating nations rather than monopolizing them. He also pointed out the BRI’s non-competitive nature, contrasting it with the West’s failed infrastructure investment initiatives in Africa and other regions.
The expert highlighted that the BRI’s infrastructure projects—such as roads, ports, and railways—have spurred development, increased employment opportunities, and improved living standards. These projects have also helped reduce inflation rates and made foreign trade more affordable. Gaballah noted that China’s openness to technology transfer, including clean energy projects, is transforming life in BRI countries.
Gaballah also mentioned several key projects in Egypt, such as the textile city project in Sadat City, the Central Business District (CBD) of Egypt’s new administrative capital, and the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Sokhna. He stated that Chinese involvement has reshaped the perception of China among Egyptians, shifting it from a source of imported goods to a key development partner contributing to job creation and improved living standards.
He also pointed to Chinese companies’ significant role in Egypt’s renewable energy sector, including the Benban solar plant and wind farms in the Gulf of Suez. These projects are helping to diversify Egypt’s energy mix, with China’s advanced technology in sectors like solar, wind power, and electric vehicle production playing a crucial role in this transformation.
“China offers future technologies at affordable prices, providing BRI countries with opportunities to shift their societal development in a major way,” Gaballah concluded.
