Egypt plans to invest 7.4 billion dollars in Algeria, says Algerian industry and investment promotion Minister
According to the Minister of industry and investment promotion Abdelhamid Temmar, Egypt is set to invest a total of 7.4 billion dollars in Algeria in such sectors as petrochemicals, cement and iron and steel manufacturing as part of a beefed up cooperation with Algeria.
According to the Minister of industry and investment promotion Abdelhamid Temmar, Egypt is set to invest a total of 7.4 billion dollars in Algeria in such sectors as petrochemicals, cement and iron and steel manufacturing as part of a beefed up cooperation with Algeria.
The Egyptian investors are planning to contribute to the construction of a brand-new cement factory in the south eastern province of Djelfa for a financial amount of 400 million dollars.
Abdelhamid Temmar also indicated that the Egyptian partners were also intent on achieving a steel complex in the region of Bellara in Jijel province as well as a petrochemical complex, at the initiative of the Orascom group, for an overall financial package of about 5 billion dollars in addition to other costly investment projects in other parts of the country.
This breakthrough came in the wake of the fruitful proceedings of the Algerian-Egyptian higher joint cooperation commission which wound up on Sunday in Algiers .
The two sides initialled, to this effect, a total of 19 new agreements aimed at further upgrading and diversifying cooperation ties and exchanges between Algeria and Egypt in manifold fields of endeavour.