China to invest $753M to build industrial zone in Egypt

CAIRO – 25 October 2017: The Egyptian-Chinese Joint Company is planning to build an industrial zone for textile industries worth 5 billion Chinese yuan ($753 million) on an area of 2 million square meters, Chairman of the Industrial Development Authority Ahmed Abdel Razek stated on Wednesday.

During a meeting with a Chinese industrial delegation that included 25 major companies specialized in the textile industry, Abdel Razek stated that this Chinese industrial zone will provide 90,000 job opportunities for youth.

The two parties will continue discussions in this meeting to develop a vision of the project and to start the implementation steps as soon as possible.

The Chinese have demanded to divide this zone into industrial, residential and service areas to serve as an integrated industrial city.

The Chinese preferred at the beginning to implement the project in 10th of Ramadan City, as it’s very close to Cairo ports and the Delta, but due to limited land available in the proposed land site, they were recommended to build it in the Quota industrial area in Fayoum.

Abdel Razek also said that the industrial area is specialized in producing textiles, dyeing, ready-made garments, printing and embroidery. It will also cover the textile production industry.