Japanese electronics maker Panasonic Corp. will invest EGP 200 million (around $28 million) to build its factory in Egypt’s Beni Suef, said Basem Lotfi – the General Manager of Panasonic’s agent in Egypt, Misr Helwan.
The EGP200 million facility is expected to start production by 2016, Lotfi told Amwal Al Ghad, referring that the construction works shall start by mid-2015.
The project will be 40% self-financed by Panasonic; while 60% will be through banking loans, he added.
Moreover, Lotfi stated that the facility is expected to produce 500.000 mixers, 750.000 irons and 200.000 vacuum cleaners annually. It will export part of its locally assembled electronics devices to other Arab Gulf countries.