During his meeting Monday evening with CEO of Al-Mansour Automotive Ankush Arora along with a host of officials, Madbouly also lauded cooperation with GM over the past period.

For his part, Arora said that GM believes in Egypt's distinguished capabilities in the automotive industry.

GM sold 90 percent of what it produces locally in the Egyptian market, he said, adding that the company pumped $ 90 million in direct investments into Egypt in 2018.

From 2018 to 2022, the company invested about $ 15 million in Egypt, he went on to say.

He further gave an overview of the company's plans to pump investments worth $ 16 million into a program for the manufacture of new models in Egypt.