CAIRO – Egypt’s Prime Minister Moustafa Madbouli welcomed investments that are pumped by the private sector in national economy sectors to attain comprehensive development in accordance with the state’s action plans to support this sector.
Madbouli underscored the necessity of providing necessary financing for this giant project.
The premier’s remarks came during a meeting with Chairman of the Suez Canal Authority Osama Rabie to discuss the petrochemical project that is being carried out by Anchorage Investments company in the Suez Canal Economic Zone.
Rabie talked about the idea of the project during the meeting and said he had previously asked Anchorage Investments to make a partnership to set up the factory for petrochemicals industry at investments of 2.5 billion dollars.
The project will be carried out in Ain Sokhna in a span of 36 months, he added.
Spokesman for the Cabinet Nader Saad said the meeting discussed the project that aims at developing the integrated industrial complex as per global specifications through the use of cutting-edge technology.
The complex includes several industrial units to produce Propene chemical compound and its derivatives and special chemicals to increase the surplus economic value of natural gas derivatives, added Saad.