Visa, Microsoft to organise Egyptian internal trade information with $56mn: minister

Egyptian supply ministry is currently executing largest project to organise information concerning internal trade sector in cooperation with American multinational firms Microsoft and Visa.

The project is estimated at 500 million Egyptian pounds (US$ 56.3 million), Minister Khaled Hanafy stated Sunday.

The minister made these remarks during  Portfolio Egypt 2016 Conference entitled “Capital Markets.. Poised for Boom” in the attendance of Egyptian Investment Minister Dalia Khorshid and a number of key economy experts.

Hanafy noted that the ministry is set to coordinate with the Egyptian Financial Supervisory Authority (EFSA) to establish commodities exchange to organise processes of trading commodities and grains.

The ministry studies boosting the capital of Egyptian Holding Company for Food Industries (HCFI) with investment banks and a number of economy experts, the minister clarified.

 Minister Hanafy added that Egypt owns good infrastructure, investment-attracting climate, and massive investment opportunities that encourage local and foreign investors to establish their mage projects,

Egyptian internal trade sector is one of the largest sectors which is able to provide job opportunities and attract more investments, Hanafy stated.