Egypt's SCZone signs agreement to promote the manufacturing of green fuel
The Economic Zone of the Suez Canal (SCZONE) recently signed a substantial $15.6 billion agreement with a consortium of Chinese companies. The primary objective of this agreement is to enhance and promote the manufacturing of green fuel within the region.
The agreements are set to produce around 9,000 job opportunities and encompass the establishment of 11 projects, according to the SCZONE Chairman Walid Gamal El-Din.
Furthermore, the Central Bank of Egypt (CBE) has reported that, during fiscal years 2022 and 2023, the ports associated with the division have signed a total of seven agreements, amounting to a value of $1.34 billion.
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Egypt has recently signed multiple agreements with international partners to engage in the production of green hydrogen and its derivatives within the SCZone.
Trade with Saudi Arabia amounted to $6.555 billion, with $4.94 billion in imports and $1.61 billion in exports.
As informed, according to the CBE, foreign direct investments and Suez Canal activities experienced a significant increase of 12.8% in the last fiscal year, reaching a total of $10 billion during that period.
Source: Safety4sea
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