French investments in Egypt hits four billion Francs

A report released by the French Embassy in Cairo said the total French investments in Egypt hit four billion francs and France is considered one of the biggest investors in Egypt following the United Kingdom and Germany.

These investments focus in communications, tourism, banking services, pharmaceuticals, building materials, car industry and textiles.

The report added that five banks have big business in Egypt with a total investment of LE 377 million.

Accore group owns 20 hotels and a total investment of 70 million francs.

On the other hand, the recent visit paid by a business delegation to Cairo scored a success on all levels. Chairman of the French businessmen association expressed satisfaction over the volume of French business in Egypt.

He indicated that the French-Egyptian cooperation is a deeply-rooted one and he is keen to meet with Egyptian businessmen and officials annually to get acquainted with the economic situation in Egypt as the French businessmen have a genuine desire to modernize the Egyptian industry and play key role in the development process in general.

"We discussed with Prime Minister Dr. Atef Ebeid certain fields where we can invest money especially in oil, gas and railways," he added.