Egypt has signed four new contracts with the Chinese industrial developer, TEDA, for new investment projects in Suez Canal Economic Zone(SCZone).
The agreements were inked in the Chinese capital Beijing on the sidelines of the third edition of Belt and Road Forum. Egypt’s prime minister, Mostafa Madbuly witnessed signing the deals on behalf of Egypt’s president ,Abdel-Fattah El-Sisi.
Chairman of the General Authority for SCZone, Walid Gamal El Din signed a letter of intent with Mr. Liu Aimin, Chairman of China-Africa TEDA to expand in Sokhna Industrial Zone by an area of 3000 square meters added to the total of 7000 square meters with a sum of investments worth $2 billion.
Madbuly aslo witnessed the signing of 3 tripartite framework agreements with investments worth $755 million. The first agreement is a project aimed to produce 250000 tonnes of ductile iron pipes and its products mainly to cover the needs of water supply, water lines, seawater desalination, heating and other fields.The project also aims to export 80% of its production to foreign markets with annual sales of up to $250 million.
The second deal is regarding establishing a project to produce 800 tons of polished glass per day and another production line of rolled glass which is set to produce 800 tons per day.
The third contract is building an industrial complex for bromine and deep processing, using concentrated seawater or saline solution from local seawater desalination plants as raw materials. An annual production is estimated to be over 140000 tons of bromine products, within the industrial developer TEDA – Egypt in Sukhna Industrial Zone with investments amounting around $110 million.
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