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Hungary, Egypt Sign Deal on Joint Use of Suez Canal Economic Zone

Int’l Relations

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The governments of Hungary and Egypt have signed an agreement on joint use of the Suez Canal Economic Zone, creating preferential conditions for Hungarian companies to launch investments there, Minister of Foreign Affairs and Trade Péter Szijjártó said in Cairo on Tuesday, according to a report by state news wire MTI.

Addressing a forum of Hungarian and Egyptian business leaders, Szijjártó said representatives of Hungarian companies with "cutting edge" technology in the areas of water management, ICT, and transport accompanied the government's delegation on the visit to Cairo.

He noted that Magyar Eximbank has opened a EUR 100 million credit line to support partnerships between companies from the two countries. He added that Hungary is filling an order for 1,350 carriages for Egypt's national railway company.

Representatives from 21 Hungarian companies and 65 Egyptian ones participated at the forum.

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