French investments hit 4 billion euros in Egypt: PM Madbouly

MENA , Monday 21 Mar 2022

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

Cairo
The Egyptian-French Business Forum in Cairo on Monday (Photo : Egyptian Cabinet)

Such ventures benefit the two friendly countries, stimulate genuine, economic growth and provide job opportunities for coming generations, added Madbouly in his address to the Egyptian-French Business Forum, held in Cairo Monday.


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

The premier said French investments reached four billion euros in Egypt.

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

He said today’s 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.

He said 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, that 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. 

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