Lebanese firm to invest $15mn in paints factory in Egypt

A Lebanese firm targets pumping new investments in the Egyptian market through building a factory for paints and building chemicals with initial capital worth US$15 million.

Mona Wahba -First Secretary at Egyptian Commercial Office in Beirut- stated Monday that the factory is set to be established in Beni Suef governorate and its products will be exported to Africa.

The factory is among a punch of projects upon which Egypt agreed during a visit of commercial mission to the Lebanese capital within the last few days and expected to create around 400 new job opportunities, the official added.

The visit of the Egyptian delegation was to facilitate the movement of Egyptian exports to Africa.

During the visit, the mission has also signed four exporting contracts including an agency contract between Egypt’s Polyee Plast Company and a Lebanese firm in Africa. In addition, the mission negotiated on an exporting contract worth US$3 million to Lebanon and Iraq.