TEDA seals new $60 mln investment contracts

The main joint platform between Egypt and China, China-Egypt TEDA signed contracts worth $60 million for projects in the textile, auto assembly, and power transformers sectors, according to a statement on Wednesday.

The company also enclosed a $20 million contract with a textile printing and dyeing company to make a 20,000 sqm project.

Moreover, it signed another $2 billion contract with Zaiyu for an automotive spare parts project also over an area of 20,000 square meters.

Another $3.2 million project linked to Kang Dewei was signed, and a contract with Aoxiu Textile Company with investments estimated at $25 million.

The Head of the Suez Canal Economic Zone (SCZone), Waleid Gamal Eldien, said that the investments of China-Egypt TEDA are around $1.6 billion, in around 140 companies.

The China-Egypt TEDA was established in 2018 and is a main joint platform for cooperation between Egypt and China.

It links projects of the Chinese Belt and Road Initiative with Egypt’s development strategy for the Suez Canal Corridor Area Project.