CAIRO, May 7 (MENA) – Prime Minister Mostafa Madbouli said the Suez Canal waterway has nothing to do with any investment contracts to develop the industrial zones around the canal.

These contracts are signed to establish new factories, create tens of thousands of jobs for Egyptians, and contribute to the growth of national economy, Madbouli added during a press conference following the government weekly meeting on Wednesday.

"There is a world of difference between the nature of responsibilities of the Suez Canal Authority (SCA), which operates the canal, and the General Authority for Suez Canal Economic Zone (SCZone), which is concerned with development projects on both sides of the Suez Canal," the premier explained.

He noted that these projects include establishing new industrial, service and logistical zones to attract local and foreign direct investments and build more factories, which help create new jobs and boost exports.

Madbouli said that the government is working for stimulating private local and foreign investments to make the optimum use of the industrial and investment zones on both sides of the strategic waterway.

He said the government his recently signed a usufruct contract with an industrial developer to provide the facilities and infrastructure needed for potential investments in the region, which will then be divided into separate industrial zones to attract international investors. (MENA)

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