Egypt: Suez Industrial Zone to Attract up to $7 Billion Worth of Investments

Egypt: Suez Industrial Zone to Attract up to $7 Billion Worth of Investments

The industrial zone that Russia is establishing in the Suez Canal Economic Zone is expected to attract $7 billion in new investments, said Moscow's ambassador to Egypt.

Georgy Borisenko indicated interest from Russian companies to invest in the industrial zone, which according to Egyptian government data will cover an area of 5.25 sq. km and provide 35,000 direct and indirect job opportunities, 90 percent of which will be filled by Egyptians.

Implementation of the project will take 12 years with a 50-year usufruct agreement. Financing comes from the Russian Export Center and the Russian Central Bank.

The zone will enjoy special advantages regarding taxes and customs duties on exports and imports, labor costs and fees for passage from the Suez Canal, with the possibility of transferring all of the revenues and profits abroad