Egypt: PM: LE 46 Billion Worth of New Investments

Following the inauguration of four new projects in Beni Sueif, Prime Minister Dr. Hisham Qandil announced on Monday 12/11/2012 that the government has managed to attract investments worth LE 46 billion from 18 states.

He said 180 factories were built during the past three months, adding these factories whose investment value is LE 8 billion, will provide 30,000 job opportunities. He said exports increased by 16% last September.

The Prime Minister called on workers and employees to exert more efforts to enhance the status of economy so that the government may meet citizens' demands. He said the government is working to provide the climate which encourages production.

He said economy has managed to keep steadfast in spite of the difficult circumstances, adding growth rates which were announced by the deposed regime were not realistic.

Qandil pledged to solve the difficult problems, including negotiations with gas exporting companies, hinting at the big difficulties faced by the sector of electricity. He said the government is combating corruption, adding rationalization policies will save LE 15 billion. Including LE 5 billion from solar, LE 5 billion from octane 80 gasoline and LE 5 billion from butane gas.

Addressing a rally in Beni Sueif, the Prime Minister said the four factories will cost LE 262 million and would save 600 job opportunities for upper citizens.

The Prime Minister further inaugurated the Higher Institute for the Management if Industrial Facilities which aims at providing human cadres that are capable of running industrial projects efficiently. The institute will save 180 job opportunities and will admit 400 students in every academic year.

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