25 May 2024 07:36 AM

SCZONE inks $15.6 bln in agreements with Chinese investors

Monday، 06 November 2023 - 03:12 PM

The Suez Canal Economic Zone (SCZONE) signed $15.6 billion in agreements with Chinese partners for 11 manufacturing and green hydrogen projects on 4.9 million square metres, SCZONE Chairman Walid Gamal El-Din said in a statement on Sunday.

The new projects are expected to create around 9,000 jobs, Gamal El-Din explained during a meeting with Prime Minister Mostafa Madbouly. 

The agreements were signed on the sidelines of the third session of the Belt and Road Forum for International Cooperation held in China which was attended by Madbouly.

Egypt has inked several deals in recent months with international partners to produce green hydrogen and its derivatives in the SCZone. 

The country aims in the coming years to reduce carbon emissions and promote the use of renewable and alternative energy sources, including green hydrogen, as part of its National Climate Change Strategy 2050

The chairman also revealed that in FY2022/23, the ports affiliated with the SCZONE had signed contracts for seven projects worth $1.34 billion.

The new projects include building 4,455 quays and total handling areas amounting to 2.85 million square metres. 

Egypt's Suez Canal Economic Zone (SCZone) revenues hit a record high of EGP 6.065 billion in FY2022/2023 that ended in June.

Egypt plans to increase its US dollar liquidity by $191 billion through 2026, $17 billion of which is expected from the Suez Canal.

Ahram Online

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