Egypt pens 3 framework agreements for cars manufacture
Updated 2/16/2023 8:37:00 AM
Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of three framework agreements for the manufacture of cars between the Egyptian government and a number of local and international companies, according to a statement by the cabinet on February 16th.
The agreements were signed by representatives of the government, including Amr Noureldin, Legal Advisor to the CEO of the General Authority for Investment and Free Zones (GAFI).
The companies’ representatives were Michael Whitfield, CEO of Nissan Egypt and Africa, Hisham Saeed Hosni, CEO of Stellantis Egypt, and Ankush Arora, CEO of Al-Mansour Automotive Group.
These framework agreements aim to achieve binding cooperation between representatives of the Egyptian government and companies to achieve the goals of the National Automotive Industry Development Program (AIDP).
Madbouly affirmed that the signed agreements come in light of the government's interest in developing the automotive industry in Egypt, especially environmentally friendly cars.
The premier added that the “Environmentally Friendly Automotive Industry Finance Fund” which was established by the finance ministry aims to develop the auto industry sector in Egypt, and to develop the necessary resources to finance the eco-friendly auto industry.
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