EGYPT and China signed on Wednesday a deal for the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, with Chinese developer TEDA set to invest $100 million in infrastructure to develop an additional 2.86 square kilometres at the Suez Canal Economic Zone (SCZone).
The deal was signed between the SCZone, the Main Development Company (MDC), and TEDA Egypt in a ceremony attended by Egyptian Prime Minister Mostafa Madbouly, the Egyptian cabinet said in a statement.
The expansion comes as TEDA nears completion of its previously allocated 7.34 square kilometres in Ain Sokhna area at the SCZone, bringing the total area of its industrial zone to more than 10 square kilometres, according to the statement.
The $100 million infrastructure investment is expected to help attract more diverse industrial investments and support the SCZone’s goal of building integrated and sustainable industrial communities.
Madbouly stressed “the importance of this cooperation in accelerating industrial development within the SCZone, whose capabilities qualify it to become one of the most important manufacturing and logistics hubs in the region.”
Xinhua
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