Egypt in talks to establish $5.3bn-petrochemicals complex in Suez Canal region

Egyptian General Authority for Suez Canal Economic Zone is currently negotiating on establishing petrochemicals complex in Ain Sukhna with investments of US$5.3 billion over five years.

Ahmed Darwish -authority’s chairman- stated Friday that all Arab and local banks are welcomed to participate in financing  such large projects.

The official made these remarks during the forum held in Sharm El-Sheikh by Union of Arab Banks about the role of financing and investment in reinforcing financial inclusion, stability, and fighting terrorism in Arab counties.

Darwish invited heads and leaders of the Egyptian and Arab banks to take part in funding the infrastructure projects in Suez Canal region notably East Port Said and Ain Sukhna as pursuant to the potentials that qualifying the region to compete with other largest areas in the world.

The strategy of the authority targets carrying out smart industrial zones whose infrastructure is relying on the latest technologies in controlling water and electricity, the chairman said. Additionally, the authority also targets including largest data centres that work with the latest technologies.