El-Wazir inaugurates MCV’s new production line with EGP 3B investments

Updated 9/17/2025 12:24:00 PM

Arab Finance: Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir inaugurated a new production line for the Manufacturing Commercial Vehicles Company (MCV), with investments amounting to EGP 3 billion, according to a statement.

Developed in cooperation with Volvo, the new line will manufacture and export electric buses in New Salhia City, Sharqia Governorate.

In his opening remarks during the inauguration ceremony, El-Wazir indicated that the new line has an annual production capacity of approximately 1,200 electric buses designated for export to European markets.

He noted that the project will provide more than 2,000 new job opportunities, representing a real added value to economic and social development in Sharqia Governorate and Egypt in general.

The minister noted that this launch aligns with the state's efforts to promote the localization of advanced industries, adding that the project contributes to transferring global expertise to Egyptian cadres.

The government has set a strategic goal of doubling Egyptian industrial exports to exceed $170 billion by 2030, he mentioned. Hence, these projects represent a significant step in securing high-tech products for Egyptian exports that are capable of competing in international markets.

During his tour, the minister pointed out that Egypt is now capable of producing between 2,000 and 2,500 buses annually, which has contributed to eliminating the need to import buses from abroad.

He emphasized that Egypt currently has more than five private sector companies operating in the automotive manufacturing sector, in addition to one government-owned firm.

The minister unveiled the government’s plans to reach a radical solution to the issue of struggling or closed factories in the coming period, elaborating that the state has launched several initiatives over the past years to support the industrial sector.

These initiatives aim to foster productive sectors with working capital to finance factories at a concessional interest rate of 15%, which has provided financing exceeding EGP 150 billion, gradually decreasing at a rate of 20%, reaching EGP 90 billion.

Another program secured concessional financing for production lines and the purchase of machinery and equipment worth EGP 30 billion.

In response to a question about the promising industries targeted by the state in the coming period, El-Wazir explained that the Ministry of Industry has identified 28 promising industries and investment opportunities aimed at attracting more investment to deepen local manufacturing, meet market needs, and reduce the import bill.