In an interview with MENA published on Thursday, William said the planned investments should provide around 150,000 direct and indirect job opportunities over the coming four years.

The first phase of the initiative seeks to localise industry and reduce the import gap, William said, adding that Egypt plans to become an industrial hub for the Middle East and African regions under the initiative’s second phase.

The Ebda initiative is currently working on implementing 64 industrial projects in cooperation with 33 Egyptian private companies and 20 foreign companies that work on technology transference in 12 countries, William noted.

He added that the initiative’s mega project axis managed to attract investors from Japan, China, Taiwan, Italy, and Turkey to localize the manufacturing of household electrical appliance components.

Meanwhile, the initiative’s industry support axis is working to remove all obstacles facing the owners of troubled factories and facilitate related procedures in cooperation with various government bodies, William said.

The Ebda initiative was launched by President Abdel-Fattah El-Sisi in April last year with the aim of enhancing the role of the private sector in localising industries and reducing imports.

The initiative seeks to offer a number of incentives in this regard, including five-year tax exemptions and usufruct lands. Moreover, the initiative works on providing the necessary support to legalise the status of violating businesses as well as technical and financial support for ones in default.

The initiative works on three axes to achieve its goals: the mega projects; industry support; and research, development and training.

Late in December, President Abdel-Fattah El-Sisi approved the final version of the State Ownership Policy Document, which determines the state's presence in the economic sectors and seeks to enhance the private sector's participation in public investments.

As per the document, the government may maintain or reduce its presence in a number of activities in various sectors, including the transport sector.