SCZone secures EGP 30 bn long-term facility from CIB: The General Authority of the Suez Canal Economic Zone (SCZone) secured a EGP 30 bn long-term financing facility from the Commercial International Bank (CIB) to finance developments and infrastructure works across the authority’s assets, according to a statement from the cabinet. The facility — which features a repayment period of 17 years — includes the restructuring of a previous EGP 10 bn loan, along with EGP 20 bn in new financing.

What we know: The money will go towards financing the development of the SCZone’s six affiliated ports, completing infrastructure and utility works in industrial zones, supporting energy supply projects, as well as electricity, water, wastewater, fuel stations, telecommunications, IT systems, and transport projects. The developments are aimed at “helping attract more global shipping lines to ports on both the Red Sea and the Mediterranean,” SCZone head Walid Gamal El Din said.

REFRESHER- The zone has big plans ahead: SCZone announced plans to raise its revenues by 20% in FY 2025-26, Gamal El Din said in a statement last month. Revenues hit EGP 11.6 bn in the past fiscal year, at a growth rate of 38% y-o-y on the back of a surge in investments in industrial zones.

DATA POINT- As of September, SCZone has attracted USD 10.2 bn worth of investments over the past 38 months, spread across 311 agreements for logistics, services, and industrial projects. Chinese flows comprised a major chunk of these investments, with more than USD 4 bn in commitments. Egypt is targeting USD 16 bn in total Chinese FDI by 2029.

At a glance: The SCZone’s portfolio spans over some 455 mn sqm, hosting some 305 operational developments, according to its website. Nestled in its portfolio are the Sokhna Industrial Zone, East Port Said Industrial Zone, West Qantara Zone, and East Ismailia Zone. On the ports side, the authority controls six ports: West Port Said, East Port Said, Al Adabiya, Al Arish, Sokhna, and Al Tor.

Tags: