Egypt seeks foreign investment in projects

Egypt plans to seek foreign investments, especially in the areas of major projects, Mohammed Ghamrawi, the new chief of the General Authority for Investment and Free Zones, said.

"Plans are underway to pump in more direct foreign investment into Egypt, especially from mega international companies to acquire advanced technology," he said, adding that he's studying ways of simplifying investment procedures.

He added that 52 new investment companies have been formed with LE 489 million issued capital and LE 974 million investment costs, offering 10,000 new job opportunities in the past few days.