Egypt's Suez Canal Economic Zone (SCZONE) said on Monday it secured a long-term bank financing facility worth 30 billion Egyptian pounds from the Commercial International Bank (CIB) to support infrastructure and port development under its expansion plans. The 17-year financing includes the restructuring of a previous 10 billion-pound loan and a new 20 billion-pound facility, the SCZONE said in a statement. The funding will be used to upgrade ports, complete infrastructure in industrial zones, and support utilities and energy projects, including power, water, and communications systems. "The financing aims to accelerate completion of infrastructure and utility projects within the zone's industrial and port areas," SCZONE Chairman Waleid Gamal El-Dein said, adding that it reflects "the banking sector's confidence in the authority's plans and growing contribution to Egypt's economic growth and investment targets." He said the loan aligns with Egypt's Vision 2030 strategy, which seeks to increase exports to more than $145 billion, emphasising that SCZONE operates independently of the state budget, relying on revenues from its own projects without imposing additional burdens on public finances. The authority is currently carrying out expansion and modernisation projects across its ports on the Red Sea and the Mediterranean, aimed at attracting new global shipping lines and boosting Egypt's competitiveness in regional trade. CIB Deputy CEO Amr El Ganainy said the bank remains committed to financing major national projects and supporting Egypt's economic development. The funding, he added, will contribute to upgrading SCZONE's six key ports — West Port Said, East Port Said, Al Adabiya, Ain Sokhna, Arish, and Al-Tor — in line with international standards. El Ganainy noted that the financing will not only strengthen SCZONE's infrastructure but also create new jobs, enhance competitiveness, and reinforce Egypt's regional and global standing, supporting the government's sustainable development goals under Egypt Vision 2030. Attribution: Amwal Al Ghad English
