Cairo – Mubasher: Egypt will obtain a $1.2 billion financing from China as part of the Asian nation's $20 billion development loans to the Arab countries, a source said.

On the sidelines of the China-Arab Cooperation Forum held last week in China, Chinese President Xi Jinping pledged to provide $20 billion in loans to the Arab nations, Enterprise reported. 

The North African nation will pump the $1.2 billion financing into the 67.8 kilometre-long high-speed train project, which links both El Salam city and the 10th of Ramadan city with the New Administrative Capital, including 11 terminals, the source indicated.

The source added that China had agreed to grant Egypt the aforementioned financing, planned to be signed soon, prior to the announcement of the Chinese president. He gave no more details on whether the Arab world's most populous country aims to get any further tranches.

China seeks to serve the countries participating in the Silk Road project through these financings, the source noted.