The Egyptian government aims to attract foreign and local investments worth $30 billion to the Suez Canal Economic Zone (SCZone) over the next five years, said an Egyptian ministry official.

The ministry is cooperating with the SCZone in order to attract these investments in sectors of infrastructure and utilities, thus providing about one million direct and indirect jobs, Sahar Nasr, Minister of Investment and International Cooperation, was quoted as saying in a Daily News Egypt report.

The minister was speaking at a session at the Youth Conference held in Alexandria, in the presence of President Abdel Fattah Al Sisi.

ADFD funded projects span over diverse sectors including energy, industry and mining

The minister said she will visit Singapore in August, together with Mohab Mamish, head of the SCZone, to promote the region’s most important investment opportunities.

ADFD GRANTS $1BN

Meanwhile, in a related development the Abu Dhabi Fund for Development (ADFD) has provided a total of Dh4 billion ($1.08 billion) worth of grants and concessionary loans to Egypt for 64 development projects, a report said.

The constructive cooperation between ADFD and the Government of Egypt continues to promote sustainable development in vital economic sectors that benefit the citizens of Egypt, reported Wam, the Emirates official news agency.

The funded projects spanned over diverse sectors, most notably transport, housing, agriculture and irrigation, energy, industry and mining, education and healthcare.

In addition, ADFD owns an 84 per cent stake in Abu Dhabi Tourist Investment Company, a Cairo-based hotel and tourism holding firm, Mohammed Saif Al Suwaidi, director general of ADFD, stated.

Al Suwaidi made the statements on the occasion of Egypt’s July 23 Revolution Day, where he complimented the government and people of Egypt on making significant headway in fulfilling the nation’s development goals.

He noted that such efforts would significantly contribute to improving the everyday lives of its citizens and accelerate Egypt’s economic growth.

He emphasised ADFD’s keenness to bolster the Egyptian government’s endeavours through financing projects that support infrastructure development – a prerequisite for socio-economic growth and prosperity.

He added, “ADFD’s work in Egypt over the past four decades is a testimony to the fund’s crucial role in boosting economic and social development across developing countries. The fund’s projects align with the expansive vision and goals of the Egyptian government.”