Cairo – Mubasher: Egypt expects to attract investments worth $3 billion from Suez Canal Axis Development project within five years, said Ahmed Darwish Head of the Economic Zone of the Suez Canal.
Around six banks expressed their interest in financing the Zone’s projects, added Darwish noting that other financing alternatives are available as well.
Last November, President Abdel Fattah Al-Sisi decreed that the area of the Suez Canal Axis Development project has been made an economic zone.
The law allows the zone to work with a single-window system in completing all the investors’ procedures, separate from all ruling legislations of economic activity in Egypt.
Meanwhile, the law also allows the zone to launch a major development company for the area, and own it completely or through cooperation with the private sector, or to leave it completely to the private sector to implement infrastructure projects.
