The General Authority of the Suez Canal Economic Zone (SCZONE) has signed a letter of intent with top Chinese chemical manufacturer BEFAR to establish a green industrial park for the production of specialty chemicals in East Port Said Industrial Zone.
The project will involve an estimated total investment of $2 billion, SCZONE said in a press statement.
The industrial park will rely on green energy and cater to local and regional markets.
An SCZONE statement said the first phase would be developed at a total investment of $500 million and provide about 1,000 jobs.
(Writing by Eman Hamed; Editing by Anoop Menon)
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