Suez Canal Economic Zone Authority’s Chairman, Ahmed Darwish, stated to Al Mal News that Misr Petroleum Company’s investment reached an amount of $3b in the Suez Canal Area. The investments covered work on a 2.2m square meters land.
The Suez Canal region ensures that investors are financially mature and committed before giving them in lands in the area. According to Darwish, Misr Petroleum Company is a firm that is in totally financing its own investments.
The projected implemented in the Suez Canal area were mostly within the plans to develop Ain Sokhna. Yet, Darwish pointed out that East Port Said area is also being processed and will be finalized by years 2018 and 2019.
Meanwhile, Egypt’s state-run Arab Investment Bank (AIBK) signed a cooperation protocol with the Suez Canal Authority to offer banking services for major projects in the economic zone. AIBK will offer a number of comprehensive electronic banking services, including managing the clients’ money, providing ATMs in the industrial zones, and presenting international trade services such as international and electronic bank transactions.