China could be readying more investment in Egypt’s industrial sector:China-based chemicals manufacturer Befar Group could build a USD 2 bn industrial complex for producing specialty chemicals in East Port Said under a letter of intent inked with the Suez Canal Economic Zone (SCZone) last week, according to a SCzone statement.
The details: The first phase of the project is expected to cost USD 500 mn and will be powered by solar and wind energy. It will create about 1k jobs. The SCZone didn’t disclose the manufacturing capacity of the project.
SCZone and China are cozying up:The SCZone inked agreements for green manufacturing and green energy investments with Chinese companies worth a combined USD 14.75 bn during China’s Belt and Road Forum in October. These include a new green hydrogen plant and potassium chloride facility, in addition to glass, bromine, and iron pipe factories.