Iran plans US$5 bln worth of investments in Egypt

Experts said a number of joint projects between Egypt and Iran would bring in Iranian investments worth US$5 billion to Egypt, after 30 years of sour relations between the two countries.

Al-Sayed al-Aqeeli, the director of the Arab Company for Industry and Investment and the solicitor general of the Iran Garment Holding Company in the Middle East, which includes major Iranian companies, said Egypt agreed to allow US$5 billion worth of Iranian investments.

In a statement published by Al-Ahram Newspaper’s website, Aqeeli said that Egypt had agreed to allow Iranian investors into the country to work on economic activities that will create at least 6,000 jobs.

Aqeeli said that during a meeting with Industry Ministry officials on Sunday, they agreed to reopen a number of auto companies, allow the purchase of assets and settlement of distressed Egyptian companies' debts, and rehabilitate factories that had been closed down.

He pointed out that a number of meetings would be held with the Ministry of Aviation to discuss resuming direct flights between the two countries, and to consider the use of the Cairo International Airport as a "transit" stop for Iranian passengers travelling from Iran and heading to the US, Africa and Asia. He said that some 2 million passengers travel this route annually and that it would bring in huge revenue.

Aqeeli said approval was given for projects in Beni Suef, Minya and Sohag on an area of 3 million square meters. The projects include the establishment of automobile assembly and manufacturing companies, flour mills that would generate one million tons of wheat annually, and liquefied petroleum gas cylinder production and packaging companies that would produce at least 10 million cylinders per month.

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