Egypt to have 16 industrial zones with $26.3 bln investments: Minister

Egypt’s Minister of Investment and International Cooperation Sahar Nasr announced that the ministry is establishing seven more industrial free zones, bringing the totals of industrial zones across Egypt to 16 zones.

Nasr statements came on the sideline of a meeting with a delegation of congressmen’s assistants held on Monday.

Nasr explained that these zones include around 1,085 projects, worth $12.8 billion, with foreign investments of $2.1 billion, accounting for 17 percent, while investments in them are estimated at $26.3 billion and offer a million direct and indirect job opportunities.

Nasr also stated that 12 new investment zones are being established, which will provide 500,000 direct and indirect job opportunities and attract investments worth EGP 78 billion, adding that five investment zones currently working include 271 projects worth EGP 11 billion that provide 350,000 job opportunities.

The delegation members praised Egypt’s legislative and economic reforms to improve the investment climate.

The members also said that mega US companies are looking forward to pumping new investments in Egypt, especially in its national mega projects, as Egypt has become the top investments destination for the US.

US investments in Egypt have reached $22.8 billion.