The government has approved on Wednesday a draft decree establishing the General Authority of the Economic Zone of Suez Canal, to manage the Suez Canal Zone, the cabinet said in a statement.
The authority will own state-owned lands and establishments in the zone. According to the law, the authority’s chairman of the board of directors must submit an annual report to the Prime Minister on the activities in the zone.
The government has agreed on proposing a draft law of amendments on the law for Economic Zones of a Special Nature 83/2003. The law will be a legislative framework for investing in the Suez Canal, converting the area into an economic authority that has capabilities equivalent to ministries, governorates, and authorities.
The Suez Canal area will be converted into an economic authority and will work as a single-window in completing all the investors’ procedures, separate from all ruling legislations of economic activity in Egypt.
The project, which targets public and private investments, aims to lure foreign investment, develop industries and export to gain foreign currency “as well as to commit itself to the development of new and high technology industries”, according to the General Authority for Free Zones and Investment (GAFI).
After a cabinet meeting on Wednesday, the government also approved a contract between Egypt Electricity Holding Company (EEHC) and Siemens to establish three electricity stations and a long-term maintenance contract for a period of 12 years.