CAIRO: Sharif Alawi, the National Bank of Egypt head deputy, announced Wednesday that the bank has offered to finance projects to develop the Suez Canal axis, according to media reports.
Al-Masry Al-Youm reported that the National Bank of Egypt board of directors held a meeting with Head of the Suez Canal Authority Mohab Mamish to discuss the manner in which to finance the new projects.
Former Prime Minister Hazem al-Beblawy had said that the government aims through development of the Suez Canal axis to boost the Egyptian economy by establishing new industrial entities and free trade areas in the region, Youm7 reported.
The new project would make Egypt a logistics and economic center, increase foreign monetary reserves, create job opportunities and investments, diversify economic activity in the region and increase the amount of imports and exports, along with maritime movement, Beblawy had said.
The Suez Canal developing project will include three main regions, Port Said’s port region, the economic region in the Suez governorate, along with the Silicon Valley region of the Ismailia governorate, the Asharq Al-Awsat newspaper reported.
The Suez Canal Authority will monitor the project, and it is expected to be one of the most important sources of foreign currency, Mamish said.
The idea for the national project was developed under the rule of ousted president Mohamed Morsi, by the former Cabinet headed by Hisham Qandil, Masrawy reported.