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French investments in Egypt hit US$4.41Bn, PM Madbouly

EGYPT – French investments in Egypt have reached US$4.41 billion according to Egypt’s Prime Minister Mostafa Madbouly.

The Prime Minister asserted that the partnership between Egypt and France is based on the key role both Egyptian and French companies and institutions play in achieving development by doing business in joint projects.

Such ventures benefit the two friendly countries, stimulate genuine economic growth and provide job opportunities for coming generations.

A number of ministers and senior officials were present at the event, in which nearly 50 Egyptian and French companies participate.

The forum is an important gathering for it helps in the country’s endeavors to boost and develop its partnership with France and deepen bilateral ties in different fields.

The PM said that the meeting is an important opportunity for reviewing and following up on steps and viewpoints to develop trade relations.

Madbouly commended French efforts to shore up developmental cooperation with Egypt through participating in financing several projects as per Egyptian economic reform plans.

He went on to note the Egyptian government spares no effort to set the stage for attracting more investments to Egypt, given the fact that the private sector plays a pivotal role in achieving sustainable development and generating more jobs.

According to Madbouly, Egypt seeks to lure more direct French investments to sectors of priority and encourage French companies to participate in future projects.

The premier said ongoing development work in Egypt is unprecedented, urging French partners to contribute more to and take advantage of the quantum economic leap that will be made by the country in the years to come through giant national projects.

Madbouly referred to ventures that are being carried out in the Suez Canal Economic Zone (SCZone) and the New Administrative Capital (NAC) and other fourth-generation cities, which have advanced infrastructure and great housing, service, and industrial potentials.

He, meanwhile, commended cooperation with the French Development Agency (AFD) in realizing socio-economic development in Egypt and the fact that Egypt is benefiting from the French experience in projects in various sectors, including water, drainage, transport, electricity, supply, urban development and IT.

The increase in investments reflects the huge client base for French commodities in the North African country, being the most populous arb country.

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