The EU and the Organisation for Economic Co-operation and Development (OECD) are teaming up with the Egypt’s General Authority for the Suez Canal Economic Zone, launching a project to support the development of the Canal economic zone, and harness the potential of the 8% of global trade flowing through the Canal to spur new investment, jobs and economic opportunities.
The project is set to deliver a needs’ assessment and an action plan for the Authority by July this year, sequencing the progressive implementation of policy recommendations and laying the groundwork for multi-annual cooperation assistance by the OECD and development partners.
The preparatory phase for the project, which is funded by the EU, will focus on helping the Authority to assess existing policy frameworks and identify priority actions needed to build a dynamic and sustainable economic zone in line with the highest international standards.
The approach will draw on OECD good practices and lessons learned from international experiences, such as the maritime and logistics clusters of the Panama Canal, the Singapore Straits or the Gibraltar Straits.
The kick-off event brought together various participants, including senior officials from the Cqnql Authority and central government, delegates from OECD and EU member states as well as private sector representatives and experts.