President Abdel Fattah El Sisi attended on Tuesday the meeting of Egyptian-Italian Business Council and briefed the Italian business community on the developments taking place in the Egyptian economy and the mega investment projects currently being implemented or prepared.
Foreign Minister Sameh Shoukri, Minister of Trade and Industry Munir Fakhri Abdel Nour, Investment Minister Ashraf Salman, Minister of Supply and Trade Khaled Hefni and Chief of the Egyptian-Italian Business Council Khaled Abu Bakr attended the meeting.
Five agreements worth dlrs 540 million are expected to be signed during the business council meetings. They include pumping dlrs 100 million to investments in an automobile factory in Alexandria as 70 percent of its production will be exported.
Also, investments worth dlrs 400 million will be channeled for the production of electricity from renewable energy in two phases.
A memorandum of understanding will also be signed between the Egyptian Investment Ministry and the Italian Export Credit Agency (SACE) to provide a sum of dlrs 10 million credit line to finance the Italian companies investments in Egypt.