Egypt’s FEDCOC aims at attracting European finance for development projects in S.Sinai

Federation of Egyptian Chambers of Commerce (FEDCOC) is looking to attract European finance to development projects in South Sinai, including the development of irrigation systems and solar energy projects, according to its head Ibrahim Al-Araby,

Al-Araby also announced a package of measures to support the tourism sector in South Sinai.

These measures were discussed during a meeting between the FEDCOC’s Board of Directors and Khaled Fouda, the Governor of South Sinai, on the sidelines of the FEDCOC’s recent board meeting in Sharm El-Sheikh.

The urgent measures came to mitigate the negative economic consequences that the governorate is facing due to the novel Coronavirus (COVID-19) pandemic, including the decline of inbound tourism, which was considered the main source of income for the governorate.

Al-Araby said that the Federation’s new measures will work on activating domestic and conference tourism by holding all FEDCOC meetings with its international partners in Sharm El-Sheikh.