Egypt's Industrial Development Authority (IDA) and the Singapore Holding Company (SECC) have signed a memorandum of understanding (MoU) to establish an integrated industrial city in Fayoum governorate on an area of 33 million sq m.

The MoU signing was witnessed by Egypt's Prime Minister Sherif Ismail and Minister of Trade and Industry Tarek Kabil. It was was signed by chairperson of IDA Ahmed Abdel Razek and chairperson of SECC Xi Zuo Yi, according to a Daily News Egypt report.

SECC will provide the project’s funding, which will be available through a number of foreign banking institutions.

The new industrial city will include industrial projects in various sectors and a joint company will be established to take over the implementation of the new project.

The project aims at the establishment of an integrated industrial city in the latest global standards to attract international investments and produce high quality products to meet both domestic and international needs.

Detailed studies will be carried out in seven months before starting the implementation of the project.