Egypt-Lebanon offshore joint firm capital to be raised to $10mn- ECS

The capital of the Egyptian-Lebanese joint company for enhancing Egyptian exports in Africa is planned to be raised to US$10 million within the upcoming period.

Mona Wahba, the Commercial Counsellor of Egyptian Commercial Service (ESC) in Beirut, stated Monday that the current capital of the company is estimated at $500,000.

She added that the first meeting of company’s Board of Directors held Sunday in the attendance of all shareholders, i.e. Egyptian and Lebanese firms.

Wahbah made these remarks on the sidelines of the Egyptian-Lebanese Business Forum.

The set-to-be-launched firm is an offshore one whose basic structure includes 14 shareholders—eight Egyptian businessmen and six Lebanese businessmen residing in Africa who have commercial companies with a long tradition in marketing and dealing with the African market.