Plan for Suez Canal Area Development to be finalised before 1 July 2016

Hossam Mounir
2 Min Read
The extension of the 145 year old original canal, which is said, will bring in revenues worth $13.5bn annually before 2023... AFP Photo

The economic commission in charge of the Suez Canal Area Development project intends to finalise the plans that will govern the area’s development before 1 July 2016.

During the Builders of Egypt forum held last Wednesday, Abdulqadir Darwish, the deputy chairman of the Suez Canal commission, explained that the Suez Canal Area Development project will devolve economic power to organisations operating within the area in an attempt to circumvent the inefficiency of government bureaucracy.

Legal power will be invested in the economic commission for the Suez Canal Area Development Project. The commission can take broad actions for issues within the region without consulting with the government

The economic commission will pass laws that guarantee investors’ rights in the region, and will also ensure the rights of the state, Darwish said.

There are six ports in the region.  Other areas’ assets will be transferred to the Suez Canal Authority. A professional team will be formed, along with a board of directors who possess scientific expertise and knowledge of the process to implement the plan, according to Darwish

He explained that the commission is currently working on a number of investment incentives and on resolving outstanding customs issues with the Ministry of Finance, so as to ensure ingress and egress of investors’ goods.

Share This Article
Leave a comment