Govt. eyes $11bn-investments for Sinai development projects: minister

The Egyptian government plans attracting private sector investments estimated at 80-100 billion Egyptian pounds (US$11 billion) for Sinai development projects within the coming period, Planning Minister, Ashraf El Araby said Monday.

He made these remarks during the conference held to announce an initial public offering (IPO) to increase the capital of the National Company for Sinai Investments by 600 million pounds.

About the new firm, El Araby stated that it is one of the effective mechanisms through which sustainable development goals would be achieved.

The National Company -that would manage state projects in Sinai- is set to hike its capital to 2 billion pounds by issuing 6 million shares at 100 pounds for each.