SCZONE, BEFAR sign letter of intent to establish $2B industrial green complex

CAIRO – 30 November 2023: The General Authority for the Suez Canal Economic Zone (SCZONE) signed of a letter of intent with the Chinese company BEFAR Group. The agreement aims to establish an industrial green complex in the authority's East Port Said Integrated Zone, dedicated to the production of specialized chemicals.

With a total investment estimated at $2 billion, the green complex represents a substantial commitment to sustainable practices and economic growth. The initial phase of the project will see investments amounting to $500 million, creating approximately 1,000 job opportunities.

The complex is expected to rely on renewable energy sources such as solar and wind power.

The signing ceremony was witnessed by Walid Gamal El-Din, Chairman of SCZONE, and Chen Lili, Vice President of BEFAR Group, along with several leaders of the economic zone and officials from the Chinese company. Highlighting the significance of the partnership, El-Din emphasized SCZONE's role in fostering cooperation and strategic alliances with Chinese companies and investors, particularly in light of Egypt's recent accession to the BRICS bloc.

Egypt, through SCZONE, aims to attract foreign investments totaling $3.9 billion during the current fiscal year (FY) 2023/2024, according to Ahmed Saad, the Executive Director of SCZONE, in a recent interview. Saad further revealed that the economic zone has already succeeded in attracting investments worth $1.3 billion within the first four months of FY23/24. SCZONE had managed to secure investments amounting to $3.6 billion during the previous fiscal year, FY 2022/2023.