Egypt, Chad sign investment MoU, plan Libya-route highway

Egypt and Chad signed a memorandum of understanding to deepen economic cooperation and boost investment flows between the two countries, the Egyptian investment ministry said on Sunday.

The agreement, signed by Egyptian Investment Minister Hassan El-Khatib and Chadian Foreign Minister Abdoulaye Sabre Fadoul during a session of the Egypt-Chad Joint Committee, aims to promote joint projects, expand technical cooperation and support the work of Egypt’s General Authority for Investment and Free Zones (GAFI),and Chad’s National Agency for Investment and Exports.

El-Khatib said Egypt plans to double annual trade with Chad — currently about $35 million — within two years. He highlighted plans for a transport route linking Cairo with N’Djamena via Libya to cut freight costs and improve trade flows.

Chad is one of six African logistics hubs identified by Egypt as part of efforts to strengthen its commercial presence on the continent. El-Khatib also reaffirmed Egypt’s commitment to implementing the AfCFTA agreement with Chad and said Cairo intends to launch an Egypt-Chad Business Forum to explore investment and financing opportunities.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser