Egypt's Carbon Holdings aims to finalise funding and start building its massive Tahrir petrochemicals project by June, a Reuters report quoting its chief executive said.

The $10.6-billion project in the Suez Canal Economic Zone will be the largest petrochemicals project in Egypt. Carbon Holdings CEO Basil El Baz sees the project helping to double Egypt's exports within one year of coming online after its five-year construction, the report said.

Tahrir petrochemicals, which is being funded by credit agencies in the US, Britain and Germany, is Egypt's first naphtha cracker and will produce different types of petrochemicals used to make various consumer and industrial goods.

The government says the 460-sq-km economic zone around the canal will be used to develop an international industrial and logistics hub to attract foreign investment.

Some $1.5 billion - $2 billion will be spent in Egypt on construction materials and requirements, which in itself is going to be stimulating the local economy, El Baz said in the report.