Egypt's PM reviews ongoing development of public business sector companies
Egypt - Prime Minister Mostafa Madbouly held a meeting at the government headquarters in the New Administrative Capital with Mohamed El-Shemy, Minister of the Public Enterprises Sector, to review the progress of development initiatives for state-owned companies.
In his opening remarks, Prime Minister Madbouly reaffirmed that maximizing the return on state-owned assets remains one of the government's top priorities for fostering economic growth. 'We are dedicated to improving the performance and development of companies and factories under the Ministry of the Public Business Sector,' he stated.
During the meeting, Minister El-Shemy provided a comprehensive update on several development projects underway in the sector, starting with the modernization efforts at companies under the Chemical Industries Holding Company.
El-Shemy outlined key projects, including the $278.3m and EGP 6.4bn investment in the rehabilitation of the Kima 1 plant, alongside a $53 million upgrade of the Ferrosilicon factory. The Minister also highlighted ongoing developments at the Delta Fertilizers and Chemical Industries Company in Talkha, with an estimated investment of €60 million for Phase 1 and €450m for Phase 2.
Additionally, El-Shemy discussed a €13.5 million project to establish an industrial wastewater treatment plant and efforts to develop the fertilizer sector, such as the creation of an ammonia production plant at El Nasr for Fertilizers and Chemical Industries (SEMADCO), which will produce 1,350 tons per day. A green ammonia production plant with a capacity of 1,000 tons per day is also part of the initiative.
The Minister further touched on the development of companies within the Holding Company for Metallurgical Industries, including a significant upgrade at El Nasr Automotive. He noted that the investment for Factory 4's production line upgrade is valued at EGP 675m and $3m. The cooperation with the Chinese company Dongfong was also discussed, with trial operations set to begin soon.
El-Shemy continued with updates on the ongoing modernization of El Nasr Mining Company, Delta Steel Company, and the Drug Holding Company – HoldiPharma. He also covered the development projects underway within the Holding Company for Tourism and Hotels (HOTAC) and the Holding Company for Construction and Development (HCCD), showcasing the broad scope of reform efforts across the sector.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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