Mahlab Witnesses Signing Two Agreements on Housing worth EGP 60 billionSource: www.export-egypt.com 5/22/2015, Location: Africa |
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Prime Minister Ibrahim Mahlab witnessed on 21/05/2015 the signing of two pacts to activate memorandums of understanding signed with Mountain View and Seiseban companies during Egypt Economic Development Conference in Sharm El-Sheikh in March.
The two companies will implement housing projects in New Cairo on a total area of 500 feddans and in the Sixth of October on area of 470 feddans. The total investment cost of the projects stands at 60 billion pounds. Housing Minister Mostafa Madbouli, who signed the two pacts, said Egypt is developing partnership with the investors to optimize state assets. Four similar agreements will be signed within the upcoming months, he added. Investment Minister Ashraf Salamn, meanwhile, said what was signed during the EEDC are either legal binding contracts or memorandums of understanding which are not legally binding and means that the investor gives attention to a certain project. Salman further said that the final drawings of the two projects in New Cairo and the Sixth of October will be finalized within seven months and will provide 25,000 jobs. On another level, PM Mahlab met with Chairman of Saudi ACWA Power Mohamed Abunayan and his accompanying delegation. During the meeting, attended by investment and electricity Ministers, Mahlab asserted that the government is completing the activation of all memorandum of understandings (MoUs) signed in Egypt's Economic Development Conference (EEDC) to implement projects in various areas. Also, Mahlab put forward a proposal for ACWA Power officials to invest in water desalination projects in Egypt, stressing the government is pumping further investments in different sectors. For his part, Abunayan said that the aim behind the meeting is to follow up the activation of (MoUs) inked in the EEDC to start setting up electricity projects in Egypt. He added that the company has concluded a number of MoUs for projects estimated at USD 10 billion. The projects, expected to be implemented by the company, will include producing electricity from clean coal, natural gas or new and renewable energy, Abunayan asserted. Mahlab also received a visiting delegation of the African Development Bank (AfDB) led by bank General Counsel Kalidou Gadio. During the meeting, Mahlab said Egypt intends to promote partnership with Africa in all the economic, humanitarian and social fields, pointing to the establishment of an "Africa unit" at the Cabinet. The visiting delegation, meanwhile, said the bank had established a fund for infrastructure named "Africa 50" to carry out investment projects in the continent. The delegation said it had met with several Egyptian companies and private sector institutions to invite them to contribute to the fund and its projects. |
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