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Chinese firm to build $2bn industrial complex in Egypt

The initial phase of Befar Group's industrial complex in the Suez Canal Economic Zone will see investments of $500m Unsplash.com/Maksym Kaharlytskyi
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Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report.

The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported.

The complex is expected to rely on renewable energy sources such as solar and wind power.

Walid Gamal El-Din, chairman of Suez Canal Economic Zone, said they are fostering cooperation and strategic alliances with Chinese companies and investors since Egypt’s accession to the Brics bloc.

The economic zone aims to attract foreign investments of $3.9 billion during 2023/2024 and has already attracted investments worth $1.3 billion within the first four months of the current year.

The economic zone managed to secure investments of $3.6 billion in 2022/2023, the report said.

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