ArabFinance: Suez Canal Economic Zone (SCZone) is set to invest around EGP 20 billion in strategic projects, Al Mal News cited Chairman Yehia Zaki on June 14th.

The authority will also develop Ain Sokhna Port and Arish Port by the end of 2021.

Zaki said that the authority will secure near EGP 10 billion through long-term financing deals with banks to cover these projects.

He further noted that the authority has already signed a loan agreement worth EGP 10 billion with a consortium of six banks, guaranteed from the Ministry of Finance, to finance its investment plan.

In April, the SCZone signed an EGP 20 billion agreement with the General Authority for Roads and Bridges to develop the canal zone's Ain Sokhna port under a plan to transform it into a leading port hub in the region.

The move is part of the construction and development works to do in Sokhna port, within the strategic plan to transform it to the largest hub port on the Red Sea and the Middle East region, to serve the global trade movement between the East and the West.

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