An agreement signed between Egypt and Spain to establish fish farms aims to raise the level of food security in Egypt, Chairman of Egypt's Suez Canal Authority Mohab Mamish said.

During a phone call with the Egyptian TV, Mamish, who is accompanying the president on a visit here, said fish farms will be established on a 2,400-hectar area comprising 3,800 aquaculture tanks along the canal waterline under the agreement.

Work has already started for the project with 460 tanks planned to be built in the first phase, he said.

By 2017, the project is expected to produce from 40,000 to 50,000 tons of fish annually, Mamish said.