Tuesday, July 25, 2017

Egypt to attract $30 billion to Suez Canal Zone

Xinhuan Net:

Egypt is planning to lure local and foreign investments worth 30 billion dollars in the Suez canal economic zone in the coming five years, said Investment Minister Sahar Nasr on Tuesday.


She added that China Fortune Land Development Company (CFLD) plans to plough cash into the infrastructure of the new administrative capital and designing and establishing an integrated city stretching over an area of 63 square kilometers.

The new city is expected to ensure cumulative FDI flows amounting to 6.7 billion dollars by the fifth year and secure 160,000 jobs, Nasr noted.

China continues to spend money on the One Road One Belt initiative. This appears to be another part of that initiative.

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