A E£400m (US$69.4m) cement factory is reportedly being established in Aswan, southern Egypt. The project will be 90 per cent financed by Misr Engineering Development Company (MEDCOM), National Bank of Egypt and Arab International Cooperation Bank (name as given by the source), and the remaining 10 per cent will be held by an unnamed Kuwaiti investor.
Annual capacity is expected to reach 1Mt of cement, which is enough to meet the demand in the governorate of Aswan and the regions of High Dam and Toshka. Some 70 per cent of the output will be exported.
Investment Minister Mahmoud Mohieldin, Trade and Industry Minister Rachid Mohamed Rachid, and International Cooperation Minister Faiza Abu el-Naga, in addition to other high ranking officials attended the official ceremony for signing the contract for the project.