L.E. 10 billion in proceeds from military production in 4 years
Egypt, Economics, 3/16/2004

Minister of State for Military Production Sayed Mishaal said total proceeds from the military production sector have hit L.E. 10 billion during the past four years, an unprecedented figure since the sector had emerged.

Delivering his ministry's statement before the People's Assembly Defence, National Security and Mobilization Committee Monday, Mishaal said that the total ceilings hit L.E. 2.310 billion, of which L.E. 2.33 billion were channelled into new projects and L.E. 277 million were earmarked to modernize and maintain existing projects.

He said a giant project is underway to produce and roll steel through investments that hit L.E. 1.500 billion in the area of Abu Zaabal, in Northern Cairo.

The minister said the sector has rejuvenated several plants to keep up with the speedy development in advanced technologies, including the 63 Plant for non-iron industries, where the Japanese government laid a huge compressor, and the 909 Plant, a pillar of military production in Egypt. The military production sector also managed to reach 75% manufacturing of the M1-Al tanks and the M88-A2 vehicle that tow damaged tanks.

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