Trade and Industry Minister Mounir Fakhry Abdel Nour said Italian donors, which include Italian banks and the Italian Loan Guarantee Fund, decided to raise the credit limit financing Italian investment projects in Egypt to 10 billion euros.
The minister said the projects, which were agreed upon at the economic conference in Sharm El-Sheikh last March, pertain to petrochemicals, engineering, transportation, energy and infrastructure.
This came at a meeting with Carlo Kalinda, Italian Deputy Minister of Economic Development, who is heading a delegation of 24 Italian companies visiting Egypt.
He said the Italian company Danieli has expressed a desire to build a factory for heavy equipment in Egypt to serve the iron and steel factories in Egypt and the Middle East. “We are currently allocating the land for the factory,” he said.
For his part, Kalinda said the Italian government encourages Italian companies to participate in tenders put up by the Egyptian government and finances their projects.