Egypt’s Suez Canal Zone Authority (SCA) and its Suez Canal Container Terminal (SCCT) unveiled an agreement on April 14, committing to USD 50 mn of investments, Reuters reports.

The amount would help boost competitiveness and investments at Port Said East Port, both entities announced.

In August 2019, Egypt’s cabinet ratified a concession agreement to design, construct, manage, operate, and maintain a multi-purpose terminal at East Port Said Port, located east of the Suez Canal’s northern entrance.

This came during the cabinet’s weekly meeting, where it announced that the build-operate-transfer (BOT) deal, between SCA and an unnamed company, will see the latter manage and maintain the new terminal, including a 900-meter quay.

The 330,000-square-meter terminal will be designed to handle all types of cargo and will create 300 direct jobs, the Cabinet noted back then.