Mexico's Cemex, one of the world's five biggest cement companies, plans to invest approximately $100 million in expanding its operations in Egypt, the company said in a statement on Monday.

The Monterrey-based company said "a sizable percentage" of the investment will be used to increase its capacity to use coal, pet coke, and other fuels at its Assiut cement plant, helping to eliminate fuel subsidies by 2014.

The planned investments were discussed in a meeting between Sergio Menendez, president of Cemex in Egypt, and Yehia Hamed, Egyptian minister of investment.

“Cemex is constantly providing industry-leading building solutions that help improve the well-being of the people of Egypt,” said Menendez. “This investment is expected to support the sustainable development of Egypt for many generations.”

Among the key points highlighted by the ِEgyptian minister during the meeting was his commitment to protect foreign investment in Egypt.

Hamed has recently proposed two amendments to the country’s laws regulating investment which will guarantee the rights of the state and the rights of investors in regards to Egyptian factories or companies.

The amendments have recently been approved by the Cabinet and are awaiting approval from the Shura Council, the upper house of parliament.