Egyptian agreements with Chinese companies are intended to improve the economic area near the Gulf of Suez
The 5502 Egyptian Government has signed four agreements with Chinese companies that are intended to develop and improve the economic area northwest of the Gulf of Suez.
Under the terms of these agreements the Chinese companies will be investing US$500 million into the area with this sum being delivered in three stages. The Egyptian Government expects the move by these companies to attract an additional investment of $1 billion in the region.
As part of the development for the area, Egypt's National Authority for Tunnels is planning to build three tunnels costing a total of $720.54 million under the Suez Canal. Two of the three tunnels will be for road traffic while the third will be for a rail link.
The first tunnel will be near Kilo 19 Road south of Port Said, while the second and third tunnels will be located near the Suez Canal Bridge north of Al-Ismailia and in Suez respectively.
A committee has been formed to oversee the project and includes members from the Egyptian Armed Forces, the National Authority for Tunnels and the Ministry of Transportation.
Under the terms of these agreements the Chinese companies will be investing US$500 million into the area with this sum being delivered in three stages. The Egyptian Government expects the move by these companies to attract an additional investment of $1 billion in the region.
As part of the development for the area, Egypt's National Authority for Tunnels is planning to build three tunnels costing a total of $720.54 million under the Suez Canal. Two of the three tunnels will be for road traffic while the third will be for a rail link.
The first tunnel will be near Kilo 19 Road south of Port Said, while the second and third tunnels will be located near the Suez Canal Bridge north of Al-Ismailia and in Suez respectively.
A committee has been formed to oversee the project and includes members from the Egyptian Armed Forces, the National Authority for Tunnels and the Ministry of Transportation.
