German company invests in Egypt

A German diplomatic source said on Friday that the large German " Metro" company for distribution is intending to invest a sum of $ 95 million to set up a networking for distributing agricultural ingredients in Egypt.

The same source added that the company, at the first phase, will establish during this year some 15 bulk distribution units, the majority of which are of local produce.

He explained that the German company may find herself obliged to work in Egypt under a second name, because there is now another ingredient distribution company bearing the same name.

The value of this investment exceeds the support given by Germany every year to Cairo, estimated at 150 million Marc.

On the other hand, the Egyptian dailies reported that the French distribution company " Carford " intends to open a series of warehouses in Egypt for retail selling.

Meanwhile, the British distribution company " Sansbury " has announced on April 9th its pullout from the Egyptian market after it had established since January 2000 some 100 warehouses.