CAIRO - 11 July 2020: Egypt's Suez Canal Economic Zone (SCZone) board of directors on Friday approved a number of mega projects set to be implemented in the coming period after being mulled by the investment committee.
The meeting also discussed amendments to the executive regulations of the special economic zones law.
This came during a meeting chaired by SCZone Chairman Yahia Zakaria in the presence of ministers of planning, economic development, transport, housing, trade and industry.
Presidential advisor for urban planning and governors of Port Said, Suez, and Ismailia governorates were present at the meeting that was also attended by the chairman of the General Authority for Investment.
The board meeting is the first to be held since three months due to the outbreak of the novel coronavirus, according to a statement issued by SCZone. It added that all precautionary measures were taken to ensure the safety of the participants.
Zakaria reviewed, via video-conference, the achievements of the SCZone throughout the past three months alongside precautionary measures adopted at the facilities and ports of the zone.
He said the zone has given the green light to projects in Ain Sokhna and East Port Said, including establishing a petrochemicals project and designating an area of 1.5 million square meters for carrying out the project on two phases.
The products of the project, which has an estimated investment cost of 2.6 billion dollars, will be dedicated to exports, Zakaria said.
Meanwhile, SCZone board of directors approved establishing two grain stations with a length of one kilometer at East Port Said port along with a 500,000-square-meter trading zone and 400,000- square-meter logistic zone, Zakaria added.