The Cabinet also approved the Prime Minister’s draft decision to establish an investment zone in the city of Ras El Hekma.
One of the Chinese alliances expressed its desire to establish an integrated textile city that includes all stages of the industry with investments estimated at $300 million. Egypt has all the capabilities to be a major base for the textile industry worldwide.
Foreign companies will invest about $4 billion in oil development and exploration in Egypt, especially in the Western Desert and the Gulf of Suez, during FY2024/2025, according to the source.
Al-Mashat stated that a lot needs to be done to overcome this disparity, and more opportunities will appear in the future, as there must be more partnerships between multilateral development banks. She added that the spring meetings witnessed coordination through the World Bank in terms of investment guarantees. However, streamlined processes and lower costs of development financing still need to be seen on the ground and implemented
The proposed project entails the construction of a sodium cyanide factory in Egypt, primarily focusing on meeting local demand and exporting 80% of the production to markets in the Nile Basin, the Middle East, and Africa