Egypt discusses role of development partners in SCZone

CAIRO - 25 November 2021: The Minister of International Cooperation Rania A. Al-Mashat met with Yehia Zaki, the Chairman of the General Authority for Suez Canal Economic Zone (SCZone), where they discussed aspects of joint cooperation across sectors, the role of development partners in financing projects related to the  SCZone, and the SCZone’s 2020/2025 strategy towards achieving the country’s 2030 vision. 

They also reviewed the SCZone's vision on the localization of the green hydrogen industry in the region, in light of the  27th session of the Conference of the Parties (COP 27) held in Egypt’s Sharm El-Sheikh next year.

Minister Rania Al-Mashat noted that Egypt is optimizing the strategic location of the Suez Canal by inaugurating the Suez Canal Economic Zone, which enhances global trade and maritime transport in the canal to attract the private sector and international companies, in addition to developing the “Cairo-Cape Town" road, which links Egypt with nine African countries by 2024 to strengthen inter-African trade. On top of that, Egypt is also working on the implementation of an Egyptian-Sudanese railway with a length of 450 km.

Al-Mashat also commended the Suez Canal Economic Zone’s strategy 2020-2025, which aims to create an integrated society through industry, maritime transport and logistics, and bolster the economic zone as a platform for export to global markets, especially the African continent, to advance economic development through 5 main pillars: the regulatory framework, the legal system, services, costs, and the preparedness of the region.

Al-Mashat stressed that Egypt has set an ambitious vision for development that echoes the United Nations 2030 sustainable development agenda, and seeks to integrate it with national priorities to achieve economic and social development, green transformation, and improving  the lives of citizens.

For his part, Engineer Yahya Zaki, head of the General Authority for the Suez Canal Economic Zone, said that the economic zone is keen to enhance and consolidate cooperation with development partners from international institutions and organizations in coordination with the Ministry of International Cooperation to benefit from foreign expertise in the areas of cooperation and technical support for the economic zone.

Zaki also expressed gratitude and appreciation for the efforts made by the Ministry of International Cooperation and Rania Al-Mashat, Minister of International Cooperation, and the continuous support to promote the Suez Canal Economic Zone in international forums; presenting the rising investment opportunities that are available to development partners and investors abroad to take advantage of the distinguished strategic location of the Suez Canal Economic Zone.

The Ministry of International Cooperation manages the development finance portfolio of the Arab Republic of Egypt, which amounts to about $25 billion, and includes 377 projects distributed. As mapped according to the SDGs, the projects put emphasis on the sustainability of cities and building their adaptation to climate change, with 36 projects worth $5.7 billion for the ninth goal (Industry, innovation and infrastructure), in addition to 34 projects worth $5.9 billion under the seventh goal (Clean and affordable energy), and 43 projects $4.9 billion for the sixth goal (clean water and sanitation) in addition to 30 projects worth $1.5 billion for the eleventh goal (Sustainable Cities and Communities). 

The Suez Canal Economic Zone's strategy 2020-2025 aims to promote Egypt and the region as a global gateway to access global markets, making it easier for investors to access their products through the strategic geographical location and the diverse trade agreements with European, African,  and Arab markets.