New Chinese projects coming to our industrial zones: Egypt has inked 14 agreements with Chinese companies to set up projects alongside our local private sector during the China-Egypt Zhejiang Economic Forum on Thursday, according to a statement from the Suez Canal Economic Zone.

The agreements include:

#1- A USD 800 mn fiberglass and polyester factory: Chinese synthetic fiber manufacturer Xin Feng Ming Holding will establish a fiberglass and polyester production factory with investments of around USD 800 mn in the China-Egypt TEDA trade zone in Ain Sokhna under an agreement signed with economic zone. Production is scheduled to kick off in 2026, with a capacity of 300k tons per year in the first phase and 1 mn tons a year when fully operational.

#2- A power generation center: China’s electric utility company Zhejiang Energy International to build a power generation center that will rely on varying sources of energy under a cooperation agreement inked with TEDA. The center will include a 400 MW/220 KV substation, a 200-MW gas-fired power station, and a 100-MW photovoltaic power station. The statement did not disclose the value or timeline of the project.

ALSO- Jushi secures funding for planned expansion: The Egyptian arm of the Chinese fiberglass manufacturer Jushi, Jushi Egypt for Fiberglass Industry, signed a financing agreement with state-owned Chinese ins. company China Export & Credit Ins. Corporation. The financing will help Jushi expand the annual production capacity of its factory in TEDA by 320k tons. The statement didn’t disclose the value of the financing.

Remember: Jushi announced in December that it would invest USD 8 mn to expand its factory in TEDA after having been awarded the necessary land plot of the expansion by Elsewedy Industrial Development.

Data point: Companies have pledged USD 3 bn — represented in some 128 projects — into the Suez Canal Economic Zone — 40% of which came from China — during the first nine months of the current fiscal year.

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