Egypt has invited 14 consortia to bid for a chance to say how they would develop the Suez Canal area, officials said, aiming to attract more ships and revenue to shore up the country’s finances, according to a story by the Reuters news service.
Egypt wants to turn 29,000 square miles around the canal into an international industrial and logistics hub. A winning consortium will be selected in the first quarter and will have six months to come up with a master plan. Egypt’s Interim Prime Minister Hazem el-Beblawi said the master plan will be presented to the cabinet within nine months.
In November Egypt will host an international conference for investors and in early 2015 infrastructure work will begin, said Mohab Memish, head of the Suez Canal Authority.
He said the project would be put to the public for national discussion before it is adopted.