ICT Ministry Takes Part in Suez Canal Project with EGP15bn Investments

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.