European Bank To Invest €1 Bln In Suez Canal Corridor Project

Walid Abdel Ghaffar, a government coordinator for the Suez Canal corridor project, has met yesterday with representatives from the European Bank for Reconstruction and Development (EBRD) which offered to invest 1 billion euro in the project.

The project aims at turning the banks of the Suez Canal into a world trading and industrial center. The government plans to transform the corridor along the 190-km length of the canal from an area of empty desert into a great global economic zone.

The delegation will conduct an expedition to the Suez Canal region. The spokesman of EBRD’s delegation affirmed that the current political turmoil will not affect their decision concerning investing in Egypt as the bank focuses on long-term investments.