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Thursday, 11 August 2016

Companies to pay utilities in FX in SCZone

The Suez Canal Economic Zone (SCZone) urged CBE governor Tarek Amer to make companies pay electricity and water utilities bills in USD to recoup the FX necessary to pay back loans that are financing the build-out of its water and power plants, Authority head Ahmed Darwish said on Mehwar TV’s “90 Minutes”. In a bid to lure in investors, Darwish said there would be no limits on USD transactions as it is a free zone. The former minister added that construction of piers at East Port Said Port will be completed around January or February. The port’s cranes will be built in a year and a half with the port set to be fully operational in 2018, Darwish said. The Zone’s piers are being constructed by five companies including Arab Contractors, Orascom, Hassan Allam, Qassed Karim and Petrojet. You can watch the full interview in Arabic (runtime: 1:16:32; with Darwish’s segment starting at 26:50)

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