Egypt's cabinet said that the Chinese business Xinxing Ductile Iron Pipes is to invest $2 billion in iron and steel plants in the Suez Canal Economic Zone.
The plants would produce iron pipes and steel goods, including for export, in an industrial zone created by China's Tianjin TEDA at the Egyptian Red Sea port of Ain Sokhna.
The statement comes as Egypt works to attract international investment while facing severe economic pressure and a lack of foreign money.
China's Cosco Shipping Ports and Hong Kong's CK Hutchison Holding announced earlier this month that they were investing in terminals at the ports of Ain Sokhna and Alexandria, respectively. Additionally, the Egyptian cabinet reported that China Energy was interested in investing in a sizable green hydrogen project in Egypt.
This month, Abu Dhabi Ports also announced investments in the Safaga port on the Red Sea and the Suez Canal Economic Zone.
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A cornerstone of all future national development strategies will be the investor-friendly business environment adopted by SCZONE. The favourable business climate SCZONE offers helps existing investors grow and expand as well as new firms, ultimately leading to the creation of job opportunities and fostering economic growth.