The Suez Canal Economic Zone (SCZONE) has secured EGP 30bn in long-term banking finance from Commercial International Bank – Egypt (CIB) over 17 years. This funding will repay and restructure a previous EGP 10bn loan and provide EGP 20bn in new capital. The finance supports SCZONE's strategy to develop its ports, complete industrial zone infrastructure and utilities, and fund energy, water, and transport projects. Walid Gamal El-Din, SCZONE Chairperson, stated the financing accelerates work, completes remaining infrastructure, and reflects banking sector confidence in SCZONE's role in Egypt's economic development and attracting international investment. He noted it aligns with Vision 2030's goal of increasing exports beyond $145bn and demonstrates banking support for industrial development and improved investment climate, strengthening Egypt's global economic standing. Gamal El-Din explained that expediting projects aims to attract foreign investment. He highlighted banking finance as a key funding source given SCZONE's independent budget. SCZONE relies on project revenues to meet obligations without burdening the state. Current port development and expansion align with state policies to enhance port efficiency and attract global shipping lines to SCZONE's Red Sea and Mediterranean ports. Amr El-Ganainy, CIB Chief Executive Officer and Executive Board Member, affirmed the bank's commitment to financing major national projects and supporting the national economy. He said the funding contributes to SCZONE's infrastructure completion and port development, praising SCZONE's central role in economic growth and investment attraction. El-Ganainy stressed CIB's focus on funding the entire SCZONE's development, preparing its six ports (West Port Said, East Port Said, Adabiya, Ain Sokhna, Arish, and El-Tor) to international standards. This will boost Egyptian port efficiency and global rankings amid strong regional competition. He added that the financing will enhance SCZONE's infrastructure and facilities, benefiting the national economy through job creation, increased competitiveness, and strengthening Egypt's regional and international position, thus achieving Vision 2030 goals.
