SCZONE, Chinese firms pen 14 deals for several projects in Egypt

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Arab Finance: The General Authority for Suez Canal Economic Zone (SCZONE) has signed 14 agreements with major Chinese firms to set up several projects in Egypt, in partnership with the private sector, as per a statement.

This came during the China-Egypt Zhejiang Forum which took place on April 18th with the aim of boosting cooperation with leading Chinese companies, especially those based in Zhejiang province.

During the forum, the SZCONE has signed an agreement with the Chinese synthetic fiber manufacturer Xin Feng Ming Holding to build a fiberglass and polyester production factory with investments of up to $800 million in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Sokhna.

To be established on a 600,000-square-meter area, the factory is set to produce 300,000 tons annually of products for the first phase as of 2026.

Furthermore, the industrial developer TEDA-Egypt has inked a strategic cooperation agreement with the Chinese electric utility company Zhejiang Energy International Company to establish a power generation center.

The center will comprise a 400-megawatt (MW)/220 kilovolt (KV) substation, a 200-MW gas-run power station, and a 100-MW photovoltaic power station.

In addition, Jushi Egypt for Fiberglass Industry has penned a financing agreement with Zhejiang’s China Export and Credit Insurance Corporation to scale up Jushi’s annual production capacity in the Sokhna Integrated Industrial Zone to 320,000 tons.

The SCZONE has lured 128 projects during the period from July 2023 to March 2024 with investments exceeding $3 billion, SCZONE’s Chairman Waleid Gamal El-Dein said, adding that 40% of these investments were Chinese.