According to Egypt State Information Service, Egyptian President Mohamed Morsi has called for the expediting of the Suez Canal Corridor Development project given its positive effect in supporting the Egyptian economy, attracting investment from the Arab world and across the globe and providing thousands of job opportunities.
In the meantime, Egypt's Ministry of Transport will offer five mega projects in the eastern Port Said region with total investments worth EGP 18 billion ($2.6 billion). The projects will include the construction of grain storage facilities, fuel and oil product storage tankers for supply vessels, and logistics centers for handling international trade in East and West Port Said.
Additionally, the Egyptian Ministry of Housing will hold an international conference to discuss all matters related to the major developments planned for the Suez Canal region. A ministerial committee will offer its vision for the Suez Canal Corridor Development project, as well as a proposed draft law for the establishment of the ‘Suez Canal Region Development Authority'.
The development project aims to transform the corridor along the canal into a major economic zone.