Egypt's Prime Miniter Ibrahim Mahlab will travel to Itay Wednesday for a three-day visit that will see him signing memorandum of understanding (MOUs) on prospective electricity, power and oil deals.
Mahlab will meet with italian President Sergio Mattarella, government officials and 15 top businessmen in Italy, said Industry and International Trade Minister Mounir Fakhry Abdel-Nour in a statement reported by state news agency MENA Sunday.
In addition to signing the MOUs, Mahlab is expected to start procedures between the Egyptian and Italian governments for building a new centre for furniture production in Damietta — a city on the Nile Delta known for traditional furniture making.
In Egypt's economic conference in March, which saw the signing of energy deals and MOUs worth over $40 billion, Italian oil company Eni signed initial agreements worth $5 billion on developing several discovered gas projects over 4-5 years.
Egypt has been making efforts to garner investment to develop several sectors nationwide and improve the economy.
The government has set its total investment target for the current fiscal year at LE416.6 billion ($53.9 billion), up from LE353.7 billion ($45.8 billion) expected at the end of the last fiscal year.