The cabinet on Thursday approved a contract between the Suez Canal Authority and Egyptian company Seco Trans for the construction of a multi-purpose terminal in East Port Said.
The contract will see the company manage and maintain the 330,000 square-metre terminal, which will include a 900-metre quay.
The contract was approved at the cabinet’s weekly meeting.
Previous media reports indicate the terminal will handle all types of cargo and will create 300 direct jobs.
The cabinet also approved the establishment of a joint-stock utilities company that will construct, operate, maintain and own the different utilities and projects in the Suez Canal Economic Zone.