Egypt’s Red Sea Ports Authority is to release a tender to convert El-Toor Sea Port on the east side of the Suez into a cargo sea port.

According to local press reports, the project is estimated to cost £E250m.

The El-Toor port is currently being used by a petroleum company under a ten-year leasing contract, which is set to expire mid-2014. A study is now being conducted into the conversion.

Egypt’s ports and the Suez Canal are vital drivers of revenue for the North African country, accounting for a large proportion of its foreign reserves.

The country’s foreign reserves fell to worrying levels under former president Mohamed Mursi earlier in 2014. Since Mursi’s ousting, reserves have risen slightly due to financial aid from regional powers.

It is expected that upgrading Egypt’s port facilities will help drive long-term growth of foreign exchange and boost the country’s weak GDP growth.

Despite the ongoing political uncertainty in Egypt the country has pushed forward with a number of other project tenders. Earlier in October, the North African country floated six tenders for residential developments in Luxor. In September, a number of construction projects in Cairo, including for the capital’s main university, were also tendered.