France's Orange plans to inject $300mln new investments in Egypt

Mostafa Madbouly held a meeting with representatives of major French companies

  
The logo of French telecom operator Orange is seen at the company headquarters in Issy-les-Moulineaux near Paris, France, June 3, 2021.

The logo of French telecom operator Orange is seen at the company headquarters in Issy-les-Moulineaux near Paris, France, June 3, 2021.

REUTERS/Gonzalo Fuentes

Cairo –  France's telecom operator Orange is looking to increase its investments in Egypt by about $300 million in 2022.

This came during a meeting held by the Egyptian Prime Minister, Mostafa Madbouly, with a number of representatives of major French companies at the headquarters of the Mouvement des entreprises de France (MEDEF) in Paris, with the participation of several Egyptian ministers, as well as the Head of the General Authority for Investment and Free Zones (GAFI), and the CEO of the Sovereign Fund of Egypt (TSFE), Ayman Soliman, according to a statement on Monday.

Moreover, the French beauty giant Loreal revealed that it exports 85% of production at its Egypt's factory abroad.

During the meeting, the ministers discussed the possible means of enhancing cooperation with France, especially in electricity, telecommunications, and development funding.

Source: Mubasher

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