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Egypt signs $1.6 billion deals with China, EU companies to develop sea ports

The Egyptian government wants its Red Sea and Mediterranean ports to help boost the economy amid rising inflation and declining foreign currency reserves.
Egypt port

Egypt’s Suez Canal authority signed development agreements worth $1.6 billion on Wednesday with Chinese and European companies. The deals come as the government is seeking to use its ports to boost the economy. 

The General Authority for the Suez Canal Economic Zone signed an agreement to develop and manage the container terminal in the Sokhna Port in the Red Sea with the Hong Kong-based Hutchison Ports, the French shipping company CMA CGM, and the Chinese state-owned COSCO Shipping, Egypt’s state-owned news outlet Al-Ahram reported. 

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