Turkey to invest EGP 380 million (US$63 million) in Egypt

Ismail Najdi, Chairman of Egypt’s Industrial Development Authority, has confirmed that it is studying three Turkish investment projects for the Sixth of October City totalling, worth EGP 380 million ($63 million). The projects will cover an area of 371, 000 meters sq., and provide 2950 jobs. The investments come as part of the Authority’s efforts to galvanize foreign investment in Egypt after foreign investment came to a standstill due to the political unrest. Three factories are in the pipeline including a diaper production factory that will create 800 jobs. It will be the third of its kind in the world, valued at 150 million Egyptian pounds on a 75,000 meter square plot.

A second factory involved in non-woven industries is to be established on an 86,000 sq. meter plot with an investment of 200 million Egyptian pounds and will create 150 jobs. The third project is an extension of an existing home furniture factory on a 210,000 sq. meter plot with an investment value of 30 million Egyptian pounds, creating 2000 jobs.