ENR and Lenza Egypt to establish new spare parts manufacturing company

The establishment of the new company, which will be named the Egyptian Company for Engineering Industries and Development (ECEID), was approved by the Cabinet on Wednesday.

ECEID will supply mechanical spare parts to the ENR and the Egyptian transport sector in local currency, according to a Cabinet statement.

The new company will also export to various markets, especially Africa, to secure foreign currency.

Egypt's engineering exports reached around $1.64 billion during the first five months of 2023, an 0.7 percent increase over the same period last year.