General Motors Egypt to invest $175 million as economy takes stock

General Motors Egypt announced that it plans to inject the Egyptian market with new investments worth US$175 million.

Managing director Rajeev Shaba told Al-Masry Al-Youm that it still feels confident in Egypt’s local economy.

He added that the young company has instructions from its parent company in the US to increase domestic investment in Cairo, and not to lay off any employees or reduce salaries.

A government report published on 17 February said the total losses sustained by the sectors of industry, construction and tourism during the 25 January revolution–which ended with former president Hosni Mubarak’s resignation on 11 February–exceed LE10 billion.

On 26 and 27 January, meanwhile, the main stock index for the Egyptian stock sxchange fell about 16 percent with losses amounting to about LE70 billion (US$12 billion).

The stock exchange was closed since 30 January because of the widespread pro-democracy protests. It is expected to reopen again on Tuesday.

Several Arab states and the European Union announced that they are ready to pump extra investments into post-revolutionary Egypt to help its economic revival.

Translated from the Arabic Edition.

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