ICT Ministry Takes Part in Suez Canal Project with EGP15bn Investments

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Egyptian Information and Communication Technology (ICT) Minister Atef Helmy participated in the inauguration ceremony of the Suez Canal Axis Development Project which launched by president Abdel Fattah Al-Sisi.

ICT took part in Suez Canal several projects with investments ranging between EGP13 to EGP15 billion, Helmy explained.

The project entails extensive development plans, including: the construction of four new seaports in the three provinces surrounding the canal; a new industrial zone west of the Gulf of Suez; and a technology valley in Ismailia, Helmy noted.
Al-Sisi called on the army’s engineering corps, who will directly supervise the project, to conclude the project in one year instead of the previously scheduled 3–year timeline. Al-Sisi attributed the shortened time period to the “the deteriorating security” which could threaten the project.

The president called on all Egyptians to participate in funding the project through a stock market IPO (Initial Public Offering), asking Egyptians resident in the country to contribute EGP 100, and those living abroad to donate $100.

The president said the government had refused any foreign participation in the project, stressing that only national banks, companies and investors would be able to finance it.