The infrastructure works at Golden Triangle project is set to cost around US$2.3 billion, Egyptian Trade and Industry Minister Tarek Qabil announced.
In a press conference held Wednesday, Qabil stated that Golden Triangle project is set to obtain annual returns of US$6 billion with estimated total investments of around US$16 billion.
The trade ministry submitted an inclusive study to the Cabinet on the project, the minister clarified, adding that the study was conducted over 15 months.
The Golden Triangle project aims at taking advantage of the country’s under-tapped mineral resources and develop Upper Egypt.
It targets establishing new industrial capital city through constructing a global, touristic, mining, economic, commercial, and industrial centre.
Qabil noted that the ministry also offered a suggestion to the Cabinet for forming a national authority to be responsible for attracting investments for Golden Triangle. The authority would be formed according to a presidential decree to be affiliated to the Prime minister.
Golden Triangle project extends from Edfu, south of Qena, in the Nile Valley to Marsa Alam on the Red Sea coast and Safaga in the north.