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Mameesh: financing the Industrial Zone from SC authority budget.

 Vice admiral/ Mohab Mameesh, head of Suez Canal authority and of Canal Economic authority said that Suez Canal “SC” second project has political and navigational dimensions and continued that it also has spiritual dimensions related with Egyptians capabilities to accomplish giant projects.  

 

 On the other hand, he said that the Canal revenues have increased Egypt’s savings of currency at a time where costs decreased as a result of decrease in the crossing period from 22 to 11 hours.

 

 With regards to signing of Egyptian Russian convention for the establishment of the Industrial Zone East Port Said, Mameesh said that such Russian investment is the first in Egypt and it is a strong investment and considered as a start for Russians to expand in Africa and that Russia enjoys a highly reputed industries.  

 

 He continued saying that Russia will produce products suitable for African Egyptian market and that also Russian investment is also a market for Egyptian employment in addition to Russians undergoing training for Egyptian cadres.  

 He added that Russian investment heightens trust of investors to come to Egypt saying:” when u work with strong people you are then strong.”

 On the hand, Mameesh has assured that the Canal is totally secured by the armed forces and that its revenues have increased to a great extent where revenues increased 16%, he has also added depth has been increased to 24m and will increase 8m more in the future.  

 He finally assured financing of the Industrial Zone will be from the budget of SC authority in addition to cooperation of armed forces; currently undergoing the infra-structure there.    


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