Sahar Nasr, Minister of investment and international cooperation of Egypt, 25, said that the Ministry of investment and international cooperation of Egypt will cooperate with the Suez Canal Economic Zone and attract 30 billion US dollars of foreign direct investment to create international logistics hub in the next five years.
At the Fourth National Youth Conference in Alexander, a coastal city of Egypt, Nussle said the investment will be used for infrastructure and logistics hub construction to promote economic development, create more jobs and increase the income of residents.
It is reported that Nasr and Suez Canal Authority President Mohab Mamish will visit Singapore in August to seek important investment for large-scale national projects.
The Suez Canal Economic Zone covers an area of about 461 square kilometers. Over the past few years, the Egyptian government has been seeking foreign investment in the Suez Canal Economic Zone as an international logistics hub.
Due to political instability and security problems, Egypt has faced economic difficulties in recent years, such as fewer tourists, lower foreign investment and foreign exchange reserves. Last year, the IMF reached an agreement with Egypt to lend Egypt $12 billion over three years to encourage economic reform.