China-Egypt TEDA seals new $60M investment contracts
Updated 7/13/2023 5:21:00 AM
Arab Finance: China-Egypt TEDA Suez Economic and Trade Cooperation Zone has signed $60 million contracts for projects in the textile, auto assembly, and power transformers fields, according to a statement on July 12th.
The final contract on the development of the China Construction Curtain Wall project has been signed. The project will be built with investments estimated at $10 million on an area of 27,000 square meters.
China-Egypt TEDA also penned a $20 million contract with a textile printing and dyeing company to construct a project on a 20,000-square-meter area.
Another $2 billion contract was signed with Zaiyu for an automotive spare parts project to span over an area of 20,000 square meters.
A $3.2 million project affiliate to Kang Dewei was inked, in addition to a contract with Aoxiu Textile Company with investments estimated at $25 million.
The Suez Canal Economic Zone’s (SCZONE) Head Waleid Gamal Eldien said that the investments of China-Egypt TEDA reached $1.6 billion, with the presence for about 140 companies during the past period.
The China-Egypt TEDA, which was established in 2018, is a main joint platform for cooperation between Egypt and China, linking projects of the Chinese Belt and Road Initiative with Egypt’s development strategy of the Suez Canal Corridor Area Project.
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