Egypt signs MoU with Chinese CGCOC for development in Sinai

CAIRO – 25 November 2017: Egypt's ministries of state for military production, commerce and industry signed on Friday a memorandum of understanding with Chinese CGC Overseas Construction Group (CGCOC) for developing infrastructure of the industrial zone in Abu Zenima in South Sinai.

Ahmed Abdel Razek, chairman of the General Authority for Industrial Development; Major General Khaled Fouda, governor of South Sinai; and Hassan Abdel Meguid, vice president of the National Military Production Organization, signed the MoU for a renewable year with Yang Binjedi, regional director of the Chinese Group in the Middle East.

This agreement aims at promoting the Egyptian- Chinese partnership in fields of enhancing and developing the industrial zones, said Minister of Commerce and Industry Tarek Kabil, indicating that the Chinese Group will provide preparation of feasibility studies and designs for the project.

CGCOC will provide the funding through Chinese finance corporations and the Industrial Development Authority will provide the technical support to plan and design the industrial activities in the region of Abu Zenima, added Kabil.

According to this agreement experiences will be exchanged between the two sides, as well as the exchange of information related to the field of research and development, read Kabil.

Minister of State for Military Production Mohammed Saeed Al-Assar said that all the parties seek a fruitful partnership to develop and enhance the region of Abu Zenima to be consistent with future projects.

The Ministry of State for Military Production is ready to provide all technological and technical support to develop the governorate as a part of the state’s plan to increase production and support the national economy, added Al-Assar.

Major General Khaled Fouda, governor of South Sinai, noted that the industrial zone in Abu Zenima represents a cultural and industrial boom for the governorate. It will increase the investment opportunities, hoping to exploit all available resources to maximize the economic return of the province.

Yang Binjedi, regional director of the Chinese Group in the Middle East, said that they aim at providing industrial facility services, infrastructure work within the scope of the project, and help stimulate investment opportunities in the Abu Zenima industrial zone for Chinese investors and the Chinese business community.