German delegation visits Cairo in October for SCZone projects

CAIRO – 13 September 2017: A delegation of leading German businessmen will visit Cairo in early October to move forward with new projects in the Suez Canal Economic Zone (SCZone), chairman of the Suez Canal Authority Mohab Mamesh said Wednesday.

Currently visiting Munich as part of his tour in Germany to promote investment in SCZone, Mamesh agreed with a German power company to establish a new project in the zone.

He also agreed with German conglomerate Siemens to build a training center inside the zone to train technical workers, especially in labor-intensive projects.

Moreover, a German company specializing in manufacturing arsenals has expressed interest to participate in shipbuilding in the SCZone, Mamesh said, noting that a delegation from the company is visiting Egypt in days.

Germany has provided Egypt with a total value of €5.5 billion ($6.2) in loans and non-refundable financial contributions, as part of cooperation between the two countries.

Egypt signed a number of cooperation agreements with Germany during the visit of President Abdel Fatah al-Sisi to Berlin in June, worth €203 million ($227 million) in sectors of renewable energy, education and Small- and Medium-sized Enterprises (SMEs).