Egypt plans to lure $30 billion to develop Suez Canal zone

CAIRO -- Egypt is planning to lure local and foreign investments worth 30 billion dollars in the Suez canal economic zone in the coming five years, said Investment Minister Sahar Nasr on Tuesday.

Speaking at a session of the Egyptian government simulation program of the Fourth National Youth Conference, Nasr said she will visit Singapore in August to promote the most important investment opportunities in the SCzone.

Nasr further stressed that her ministry is working on attracting FDIs to shore up Egypt's economy via securing more jobs for youth, reducing unemployment rates and increasing the citizens' income.

The Investment Ministry works on injecting investments in major national projects, topped by the new administrative capital, Nasr said.

She added that China Fortune Land Development Company (CFLD) plans to plough cash into the infrastructure of the new administrative capital and designing and establishing an integrated city stretching over an area of 63 square kilometers.

The new city is expected to ensure cumulative FDI flows amounting to $6.7 billion by the fifth year and secure 160,000 jobs, Nasr noted.