Egypt to set up industrial zones in Algeria, Ethiopia

Egypt plans to establish two industrial zones in Algeria and Ethiopia in an effort to boost economic ties with African countries, Egypt's State Information Service (SIS) reported last week. On his recent two-day visit to Algeria, Egyptian Prime Minister Hisham Qandil said his government hoped to see increased investment in the North African nation, adding that the planned industrial zone would assist in the production of construction materials. According to the SIS, Qandil also unveiled plans to build some 2.5 million residential units in Algeria before the end of 2014, stressing that Egyptian construction companies would contribute heavily to the project. Meanwhile, the Ethiopian government has announced plans to grant Egypt one million square meters of land on which to establish an industrial zone with a view towards boosting trade and investment between Egypt and the states of the Nile Basin. Hatem Saleh, Egyptian minister of industry and foreign trade, said on Wednesday that the Ethiopian banking sector would finance between 50 and 70 per cent of Egyptian investment projects in the country. From: Ahram Online