$30B infrastructure investments targeted for SCZone in 5 yrs

CAIRO – 25 July 2017: Ministry of Investment targets attracting $30 billion foreign and local investments in infrastructure and public utilities in the next five years in cooperation with the Suez Canal Economic Zone (SCZone), a Tuesday statement said.

During Egypt's Fourth National Youth Conference, Minister of Investment Sahar Nasr added that these investments will offer around one million direct and indirect job opportunities.

Moreover, Nasr noted that she will be accompanied by the SCZone Chairman Mohab Mamish in a visit to Singapore in August to promote the most important investment opportunities in the region.

The ministry is targeting to attract investments in a number of mega domestic projects, such as the New Administrative Capital, with the coordination of the Ministry of Housing in the project offered by China Fortune Land Development (CFLD).

In May, the Chinese firm expressed intention to invest about $20 billion in Egypt over the next 10 years.

CFLD will build an integrated city on the area allocated within the New Administrative Capital over a space of 63 square kilometers. The new city is expected to attract accumulative cash flows of around $6.7 billion and offer 160,000 job opportunities.