Egypt is planning to establish seven new free investment zones with targeted investments of around 4.1 trillion Egyptian pounds($78,8 billion) over 20 years.

The zones are expected to attract 214 projects in industry, services, construction and other sectors with production for the local and foreign markets, the Egyptian ministry of investment and foreign trade said in a statement on Monday.

The North African Arab country, the third largest regional economy, has already created 12 free investment zones in various parts of Egypt, it said.

These zones have so far attracted 1,277 projects with a capital of nearly EGP66 billion, creating 77,000 jobs, the ministry added.

“These zones are part of the country’s commitment to expanding the establishment of investment sites, which are considered one of the strategic investment systems that contribute to strengthening the national economy and meeting the needs of investors.”

“Work is under way to establish seven new major investment zones in three governorates with expected total investments of EGP4.1 trillion over a period of 20 years…these projects are expected to give a push to development and create an attractive investment environment for both local and foreign businessmen,” the ministry said.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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