Ten Egyptian companies’ six-year African investments hit $10 bln

Ten of the biggest Egyptian companies invested $10 billion in 21 African countries over the past six years, said chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC) on Saturday.

Ahmed el Wakil made these remarks at the Business Forum Mozambique-Egypt that was organised by the FEDCOC, in the presence of Mozambican President Filipe Nyusi.

The $10 billion worth of investments were designed to finance a number of projects in the fields of infrastructure, manufacturing, agriculture, and services, the Egyptian official added.

Also, other Egyptian companies had pumped more investments to finance new projects in various sectors, such as agriculture, financial services, logistics, electricity, communication, and industry, he said.

“The Egyptian companies are leading alliances to implement giant flagships in Africa, including Tanzania’s hydroelectric project worth $2.8 billion,” el Wakil said.