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The Suez Canal Economic Zone (SCZONE) announced on Sunday that TEDA-Egypt, the developer behind the TEDA-Suez industrial park in Ain Sokhna, secured three significant investment agreements with Chinese companies.
SCZONE said in a press statement that the agreements were signed on the sidelines of ‘Cooperation and Exchange Conference between Egypt and China (Zhejiang),’ held in Cairo on Sunday.
The agreements are as follows:
TEDA-Egypt and Xin Feng Ming Holding signed an agreement to establish a project to produce fibreglass and polyester fibres with investments amounting to $800 million. The project will have an annual production capacity of about one million tonnes. The 300,000 tonnes/year first phase is expected to start production in 2026.
TEDA-Egypt and Zhejiang Energy International signed a strategic cooperation agreement to build a hybrid-power project consisting of a 200 megawatt (MW) gas-fired power plant, a 100 MW photovoltaic power plant and 400/220 kV substation to provide power for TEDA Suez.
Jushi Egypt Fibreglass Company, which is one of the largest Chinese companies operating within SCZONE, signed a financing agreement with the China Export and Credit Insurance Company, Zhejiang Branch to support the expansion of Jushi's annual production capacity by 320,000 tonnes.
SCZONE Chairman Walid Gamal El-Din witnessed the signing ceremony.
Chairman El-Din further emphasised TEDA-Egypt's role in attracting Chinese investment, currently hosting over 150 Chinese companies with a collective investment of $2 billion.
He continued: “SCZONE has succeeded in attracting 128 projects, in its industrial zones and seaports, in the period from July 2023 to March 2024 (including both projects with final and preliminary approvals), with an investment exceeding $3 billion, of which Chinese investments represent 40 percent [of the total].”
The conference witnessed the signing of 14 agreements by Chinese companies to establish multiple projects within Egypt, with the active participation of the Egyptian private sector.
(Writing by Eman Hamed; Editing by Anoop Menon)
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