CAIRO, Mar 16 (Aswat Masriya) - Egypt's Carbon Holdings for petrochemicals will begin a new project in the plastic, rubber and fibre industries worth $4 billion by the end of this year, the state news agency MENA cited the company's CEO as saying on Monday. 

Basil el-Baz, Carbon Holdings CEO added that the new project will be funded by three banks in the United States, South Korea and Italy, reported MENA. It will be located in Ain Sokhna, near the Suez Canal.

Egypt concluded on Sunday its three-day Economic Development Conference, where contributions worth $72.5 billion were pledged, ranging from investments to aid and loans.

The conference was held amid hopes of revamping Egypt's economy, which has been heavily strained by political turmoil during the past four years.