Egypt to inject $55 billion into Suez Canal Zone development

Egypt aims to increase investments in the Suez Canal Economic Zone (SCZone) development project to 55 billion U.S. dollars in 15 years, the chairman of the SCZone said Monday.

The development of the SCZone is achieving remarkable progress in many projects, Mohab Mamish was quoted as saying by official MENA news agency.

The value of the projects under construction amounts to 20 billion dollars, he added.

Mamish highlighted the ongoing preparations to establish new maritime lines liking Egypt with African countries to promote African exports across the world.

Tianjin Economic-Technological Development Area (TEDA), a Chinese industrial developer, is currently developing a total area of 7.23 square km in SCZone.