Damietta Furniture City expected to attract $563m-investments: official

The total volume of investments that would be pumped into Damietta Furniture City is expected to hit 4-5 billion Egyptian pounds (US$563 million).

Chairman of Damietta Furniture City company, Osama Saleh stated Monday that the new city would participate in increasing sector’s exports and upgrading furniture industry.

Saleh -also the chairperson of Ayady for Investment and Development company- made these remarks during the ceremony of signing a cooperation protocol between Egypt’s second largest state-run bank Banque Misr (BM) and Damietta Furniture City Company on financing small craftsmen.

Hereby the protocol, BM is set to provide 1.5 billion pounds to finance small craftsmen in the city, at a five percent interest rate within one year.

The ceremony was attended by state’s Trade and Industry Minister Tarek Qabil and Planning Minister Ashraf El Araby as well as Damietta governor, Ismail Abd El Hamid.