Nestle says invested 1 bln pounds in Egypt in past 5 years

Swiss food giant Nestle had made investments in Egypt worth 1 billion Egyptian pounds ($56 million) over the last five years, chairman for North East Africa said Thursday.

The investments were in areas of manufacturing, distribution, and skills development, Yasser Abdul Malak further said.

Nestle purchased earlier this year an Egyptian instant coffee company Caravan Marketing, reflecting the Swiss company’s ambition to invest in Egypt and foster the development of the rapidly growing soluble coffee segment, which has been gaining popularity among Egyptians.

Food is a fast-growing sector in Egypt, the most populous Arab nation that is home to 90 million people.