ICEC

China’s fiberglass manufacturer Jushi eyes $520mn investments in Egypt

Chinese fiberglass manufacturer Jushi Group eyes boosting investments in its factory in Egypt to hit US$520 million with the capacity of 200,000 tonnes, chairman Zhang Yuqiang announced Friday.

He added that the total amount of Jushi’s current investments in Egypt’s fiberglass factory is estimated at US$230 million with the capacity of 80,000 tonnes. The factory is expected to provide 1,000 new job opportunities to lower unemployment rate in Egypt.

Chiarman Yuqiang stated that Bank of China has provided a loan worth US$122 million to finish the project.

Jushi Group is set to establish the second production line in Egypt’s fiberglass factory by June 2016, the chairman stated, noting that the Chinese side is sharing its technology with the Egyptian one to upgrade different industries.

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