Rédaction Africa Links 24 with Egypt Independent
Published on 2024-02-18 10:00:02
The Minister of Immigration and Egyptian Expatriates Affairs, Soha al-Gendy, has announced the establishment of a new investment company in which Egyptians working abroad will have the opportunity to participate. The company will have a capital of approximately one billion dollars and will be called the “Egyptians Abroad Company for Investment and Development.” Zilla Capital Investments Company has been chosen to manage the financial portfolios of this new venture.
The company is expected to invest in a wide range of projects and commercial activities, including new renewable energy initiatives, imports and exports, logistics, natural resources, marble, education, educational institutions, and clean energy. Additionally, it is scheduled to invest in agricultural and commercial sectors, human resources, tourism, and hotel facilities.
According to Al-Gendy, the government is fully prepared to grant the company and its projects all necessary incentives in order to attract and enhance foreign exchange within the country. The establishment of this company is a response to the demands made by Egyptian expats during the fourth expatriate conference.
Al-Gendy emphasized that the new company aims to serve as a nucleus for Egyptian investors working abroad, who number 14 million citizens. She also noted that the company has been registered with the General Investment Authority and will be granted tax incentives, logistical facilities, and support for electronics manufacturing.
The official launch of the company is scheduled to take place at the end of this year, at which point real investments will begin flowing in and the company will be actively promoted.
The establishment of the “Egyptians Abroad Company for Investment and Development” represents a significant opportunity for Egyptian expats to contribute to the economic growth and development of their home country. By providing a platform for expatriate investors to participate in various projects and commercial activities, the company aims to harness the skills, resources, and capital of Egyptians living and working abroad for the benefit of the Egyptian economy.
The government’s commitment to providing necessary incentives and support for the company’s projects demonstrates a clear dedication to fostering economic growth and development. By encouraging investment in diverse sectors such as renewable energy, agriculture, tourism, and education, the company has the potential to make a meaningful impact on the Egyptian economy.
Overall, the establishment of the “Egyptians Abroad Company for Investment and Development” highlights the government’s recognition of the valuable contributions that Egyptian expats can make to their home country. As the company prepares for its official launch, it is poised to become an important driver of investment, development, and economic growth in Egypt.
Read Original article on Egypt Independent
