ArabFinance: Egypt's President Abdel Fattah el Sisi called for the establishment of an integrated city for the manufacture and trade of gold in the country, according to an official statement.

The presidents directives came during a meeting on January 16th with Prime Minister Mostafa Madbouly, Petroleum and Mineral Resources Minister Tarek el Molla, and other officials.

Spokesman for the Presidency Bassam Rady revealed in a statement that El Sisi directed to provide the needed financial resources to establish the city, in accordance with the latest technologies, in addition to essential industry and manufacture materials and labor training.

Egypts gold reserves rose by $1.21 billion (EGP 18.99 billion) over the first eight months of 2020 to reach $4.52 billion (EGP 70.94 billion) in August from $3.424 billion (EGP 53.74 billion) in January.

Last December, Egypt approved a $7.5 million (EGP 274.91 million) grant from the Italian government for the Robbiki Leather City in Badr.

*At press time, the conversion rate is $1 = EGP 15.

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