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Thursday, 29 July 2021

Investing in Egypt 'right' decision amid stability, growth: French minister

Le Maire said that the growth and stability explain France’s decisions to support the running comprehensive development process in Egypt

MENA , Ahram Online , Monday 14 Jun 2021
Le Maire
French Minister of Finance speaking to reporters after meeting with PM Madbouly in Cairo on 13 June, 2021. Al-Ahram
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Investing in Egypt is a right decision in light of the economic growth and stability in the country, French Economy and Finance Minister Bruno Le Maire said Sunday.

This came during a meeting grouping Prime Minister Mostafa Madbouly with Le Maire and his accompanying delegation. Egypt's Finance Minister Mohamed Maait, Transport Minister Kamel El-Wazir, and International Cooperation Minister Rania Al-Mashat along with other diplomats and officials were present at the meeting.

Le Maire said that the growth and stability explain France’s decisions to support the running comprehensive development process in Egypt.

The French minister said that agreements, worth 4 billion Euros, are expected to be signed with Egypt, making it the first country to benefit from the French Treasury Department’s facilities.

Earlier, Egypt and France signed cooperation agreements, delivering a financing package worth 1.7 billion euros -- 776 million euros from the French government and 990 million euros from the French Development Agency -- to fund Egyptian projects in the fields of transport, housing, electricity, education, and wholesale markets. 

President Abdel-Fattah El-Sisi also received Le Maire to discuss Egyptian-French economic and commercial cooperation and ways to boost French investments in Egypt.

According to the Egyptian presidency, the meeting witnessed an agreement on the importance of economic and commercial cooperation between Egypt and France and the priority of boosting French investments in the country.

El-Sisi and Le Maire reviewed huge investment opportunities available for French companies in Egyptian national megaprojects like the Suez Economic Zone, ‘Decent Life’ Initiative, and the new cities currently being constructed nationwide.

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