SCZONE Engages In Inaugural New Development Bank Forum

6/13/2024 4:19:32 AM

(MENAFN- Daily News Egypt) Waleid Gamal El-Dein, CEO of the Suez Canal Economic Zone (SCZONE), represented the organization at the inaugural forum of the New Development bank (NDB), celebrating Egypt's membership since March 2023. The NDB serves as the financial backbone of the BRICS consortium.

Titled“Exploring Horizons,” the forum's objective was to elucidate the bank's operational framework, bolster collaboration with governmental and private entities, explore future partnerships among BRICS nations, and leverage Egypt's strategic position as a global connectivity nexus.

In the“Egypt as a Logistical Focal Point” session, Gamal El-Dein outlined SCZONE's 2020-2025 strategy, emphasizing the zone's and its ports' critical role in reinforcing international supply chains. He highlighted the potential enhancements in collaboration with BRICS countries through NDB's support.

The discourse unfolded in the company of notable figures, including Kamel Al-Wazir, Minister of Transport; Mohamed Abbas Helmy, Minister of Civil Aviation; Stephane Gimbert, World Bank Group's Director in Egypt; Feng Nian Zhao, CFO of COSCO Shipping Ports; and Richad Soundardjee, CICC's regional head for the Gulf and Africa.

Gamal El-Dein credited the political leadership's infrastructural investments as a catalyst for attracting further investments, particularly in green energy and ship bundling sectors. He revealed plans for infrastructure development aimed at enticing textile ventures to Qantara West, targeting a $100 billion export milestone by 2030 and forecasting amplified BRICS cooperation.

The NDB delegation, led by Dilma Rousseff, is slated to tour SCZONE's Sokhna administrative center, inspect Port of Sokhna's developmental progress, and visit TEDA – Egypt's headquarters, marking over 15 years of collaboration with SCZONE. The delegation's itinerary also includes Orascom Industrial Zones' headquarters, a developer of 10 million square meters, seeking to expand investment opportunities across an additional 3.3 million square meters in Sokhna's industrial sector.

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